Mandatory E-filing of Secured Transaction records


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The ABA Joint Task Force on Filing Office Operations and Search Logic held a well attended panel discussion on Saturday afternoon, April 24, from 2:00 to 3:30 PM. primarily to consider the implementation, in 2010, by the Colorado Secretary of State as the first UCC filing office in the United States to eliminate paper forms and accept only electronic records. A panel comprised of Brian Gryth, Legislative & Legal Analyst, Business Division, Colorado Secretary of State, and John McCabe, Partner, Davis Graham & Stubbs, LLP, Denver office, discussed the reasons behind the decision to go all electronic and how they plan to address the obstacles, objections and other issues arising from this significant process change. Brian began with a PowerPoint presentation of the functionality of his office's proposed electronic filing system, its robust architecture, and its functionality in processing UCC filings. During the presentation, John and the members of the audience engaged Brian in a lively conversation. While questions remain, Brian made an excellent presentation and, in some cases, a defense of the approach of the Colorado Secretary of State. Many concerns were allayed because of the extensive beta testing proposed.

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Mandatory E-filing of Secured Transaction records

  1. 1. Mandatory E-Filing of Secured Transaction Records
  2. 2. 1. The Law 2. How We Get There 3. Practical Aspects
  3. 3. The Law
  4. 4. The filing office can specify the method and medium of communication. Method and Medium
  5. 5. The Secretary of State may require any filing to be made by electronic means. By Electronic Means
  6. 6. Electronic filing is the only authorized method of delivery. Only Method of Delivery
  7. 7. Federal liens are excluded from the electronic mandate. Exclusion
  8. 8. Paper filings accepted only upon the Secretary’s approval of hardship cases. Hardship
  9. 9. The electronic mandate will also apply to searches and certification of reports and records. Related Issues
  10. 10. How We Get There
  11. 11. Effective Date The same date as the new system deploys.
  12. 12. Attachments We will accept: PDF and Text (.txt) Total file size of 10 megabytes (MB) Maximum of 50 files
  13. 13. ACH Will be accepted
  14. 14. System-to-System Transfer Users will be able to submit filings using an XML data transfer process.
  15. 15. Notice
  16. 16. Practical Aspects
  17. 17. Efficiency Paper Filing Electronic Filing VS.
  18. 18. How a Document Becomes a Record in a Paper Based World
  19. 19. How a Document Becomes a Record in a Paper Based World 1 2 3 4 5 6 7 8 9
  20. 20. How a Document Becomes a Record in an Electronic World Filed Record Public User Online Filing Application Online Payment
  21. 21. Historical Experience
  22. 22. Moving Forward Mobile On-line
  23. 23. Pictures • Adga Proff by Alexandre Buisse • Contemplation of Justice by UpstateNYer • Brooklyn Bridge Manhattan by Suiseiseki • Calendar-leapyeardate by Fluff • Wanzijia by Hayih • 20 Dollars Art 3 by Man-ucommons • RecipeBook XML Example 2 by Jmh2o • iPhone 3GS sides by Penato Mitra • Manila Paper by Nathan Beach • MacBook by Grm wnr • Erika 9 typewriter by Sommeregger • Breifoeffner mit kuvert und hand fcm by Frank C Muller • Stempelkissen Geha by Alter Fritz • 1, 5 und 10 Dollarnoten by Man-ucommons,5_und_10_Dollarnoten.jpg • Murrary & Heister by Theodor Horydczak • Neil Armstrong reviews flight plans by NASA • The Bonus division where the many clerks figure the amount of the bonus each veteran is entitled to Library of Congress • Red Checkmark by Johannes Rossel • Churchill waves to crowds by IWM Collections • Destitute man vacant store by Dorothea Lange • Friedenshobelpreis-1963 by unknown • Macbook white redjar 20060603 by Jared C Bendict • iPhone 2 by Daniel Zanetti
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