Slide 1

Slide 2

Secured Transactions Overview of Perfection Prepared by Professor Stephen L. Sepinuck 2015 all rights reserved Overview of Perfection

Slide 3

Attention Creditors! Overview of Perfection Filing Systems Debtor Secured Party

Slide 4

Hear Ye, Hear Ye Look Here! The Info You Need Filing Data Attention Creditors! Overview of Perfection Filing Systems

Slide 5

Federal Systems Control Certificates of Title Possession Financing Statements Overview of Perfection Filing Systems

Slide 6

1. Filer Where to file In what state or federal system In what office What to file (what kind of form) What to put in the filing How to describe the debtor How to describe the collateral 2. Searcher Where to search In what state or federal system In what office How to search (under what name, names, or other information) What to do with search results How to follow up What filings to ignore Overview of Perfection Concerns of Users of Filing Systems

Slide 7

Overview of Perfection Filers Burden Searchers Burden Overview of Perfection Concerns of Users of Filing Systems

Slide 8

Overview of Perfection Attachment Overview of Perfection Two Cautions Perfection Perfection = Perfect Enforcement Priority Perfection Enforcement X

Slide 9

1. Identify the Collateral 2. Determine Whether Article 9 Applies to the Collateral 3. Classify the Collateral 4. Determine If and When Attachment Occurred 5. Determine Which States Law Governs 6. Determine How to Perfect 7. If Perfecting by Filing, Determine Where to File 8. Evaluate the Contents of Any Filing 9. Evaluate the Continuity of Perfection Overview of Perfection Analytical Steps