We discovered some thirty days after payment that we honored an altered cashiers check. The check waspurchased and mailed, as a payment, to Chase and somewhere along the way Chase was removed as payee and a an individual name was entered on the face of the check (and it was a good job of alteration!). The individual got the item negotiated and now, because Chase asked the remitter why their payment was late, the remitter asked us about the check and we discovered we paid the altered cashiers check. Options??
My question concerns the filing of a UCC1. We have had a UCC search performed by an attorney in a farmer's county of residence, which doesn't show anything outstanding other than our lien, but the farmer listed another lender as lienholder on some of his equipment on his financial statement. I think the other lender may have filed in the wrong county. UCC law states that a filing made in good faith in an improper place is effective against any person who has knowledge of the contents of such financing statement. Do you know of any court cases that address this issue?