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    UCC Expert’s Corner: Do Not Overlook Assignee When Sending PMSI Notices
    2019-05-01

    The purchase-money security interest (“PMSI”) is a powerful tool that enables lenders to take priority over the holders of prior perfected security interests that cover the same collateral. Those lenders seeking to obtain a PMSI often take great care to comply with the statutory perfection requirements. Yet, the notice requirements for a PMSI in inventory are every bit as important. A secured party that fails to comply with the PMSI notice requirements is likely to find its security interest subordinate to prior conflicting interests.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, CSC, Bank of America
    Authors:
    Paul Hodnefield
    Location:
    USA
    Firm:
    CSC
    UCC Expert’s Corner: No Attached Collateral Description Means No Perfection
    2019-03-05

    Those who file UCC records often provide the required collateral description on an attached schedule or exhibit rather than the designated field on the financing statement. This well-established and accepted practice can save time in the filing process and reduce transcription errors. When providing the description using an attached document, the financing statement collateral field will typically incorporate the document by reference using words such as “See Schedule A attached” or words to that effect.

    Filed under:
    USA, Banking, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Law Department Management, Law Firm Management, Legal Practice, Litigation, CSC, Collateral (finance)
    Authors:
    Paul Hodnefield
    Location:
    USA
    Firm:
    CSC
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