03/07/2005
I am processing a loan in which we are taking a purchase money security interest in a wedding ring. Does this fall under Reg AA for household goods and will a UCC-1 actually perfect the lien?
03/07/2005
If we are not making the spouse sign the note, but we are making the spouse sign the security agreement, isn't our right to perfect the lien by filing a UCC or EFS affected?
02/21/2005
I need to know if there are deadlines for filing UCCs. Does this vary from state to state? Is there a place I can go to get details on the specific requirements for filing UCCs and if there are any stipulations or restrictions?
08/02/2004
The filing period of a financing statement is 5 years and one of the exceptions is "Cooperative Filing - effective 50 years." For example, if we (the bank) had granted a 15-year co-op mortgage loan to the customer several years ago and filed a UCC-1 on the unit at that time, would this UCC filing be effective for 50 years and would we not have to file a continuation every five years?
08/18/2003
My borrower is a general partnership. They have registered a fictitious name for their partnership. Under UCC article 9 do I record UCC documents under the fictitious name of the business or the individual partner names?
05/19/2003
If we make a loan for a new air conditioner or screen room that is basically is unsecured but we do file a UCC, does the right of rescission apply and is it a HMDA reportable loan?
05/05/2003
On a renewal of an existing loan using crops as collateral, a new security agreement is required. Is it necessary to file a new UCC? The UCC filed when the loan was originally done (along with the original security agreement) is good for 5 years, so why would it be necessary to file a new UCC every year even though a new security agreement is required every year?
04/07/2003
We have a debate going on in our bank and would like some advice on the best course of action. Some are advocating that whenever a CD or savings account is pledged as collateral that is joint with right of survivorship, all owners of the deposit account must execute the assignment/pledge. Others are saying this is not feasible. The UCC for joint accounts seems to indicate that any party on a joint account can pledge it as security on a loan and other parties do not have recourse against the creditor IF the proper assignment or pledge has been used as the security instrument. The language is, however, ambiguous. There are definitely benefits to obtaining all account owners' signatures but it presents difficulty in obtaining them also.
03/03/2003
When doing a Change in Terms on a consumer loan, do you have to provide new disclosures to only skip a payment, whether the payment be monthly, quarterly, etc? If you have a term note and you are extending it for any time, whether it be for a few months or for a year, do you have to provide disclosures?? Also, are we required to send a notice or disclosures when adding fees to a loan, such as UCC continuation, etc?
12/02/2002
It has been a few years since I personally looked at the UCC forms since their revision. I see that no signatures are required on the form. Since most lenders are lax in filing termination, in the case of a refi, can the new lender simply file the terminations?