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Avoid Costly Mistakes in UCC Financing Statement Filing
1. Avoid Costly Mistakes in UCC Financing
Statement Filing
Presenter
Carter H. Klein
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Join this session by expert speaker Carter H. Klein where he explains all you need to know
about the ins and outs of filing UCC financing statements.
2. Speaker Bio
Carter H. Klein
Partner
cklein@jenner.com
(312) 923-2950
Practice Areas:
- 41 years practicing in Financial Services; Uniform Commercial Code; Credit Enhancements
Co-Author:
- West’s Uniform Laws Annotated – Uniform Commercial Code Forms and Materials
- West’s Illinois Practice – Uniform Commercial Code Forms Annotated
- Thompson/West Illinois Uniform Commercial Code Comments
Bar Association Committee Positions:
- Current Chair -- ABA’s UCC Payments Subcommittee
- Past Chair -- ABA’s UCC Letter of Credit Subcommittee
- Past Chair of the following Chicago Bar Association Committees:
Commercial and Financial Transactions
International Law
Consumer Credit
Other:
- Editorial Advisor -- Documentary Credit World
- Frequent lecturer and panelist on UCC and credit subjects
- Member -- American College of Commercial Finance Lawyers
- Liaison for the ABA to the Permanent Editorial Board of the UCC
- Best Lawyer; Illinois Superlawyer in Banking and Financial Regulation
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Avoiding Costly UCC Filing Mistakes --
Carter H. Klein, Jenner & Block LLP
3. 24 Common Mistakes in UCC Financing
Statement Filing
1. Not knowing the filing rules of Article 9 of the UCC
2. Not checking for state variations and local rules
3. Not using a good UCC filing service
4. Not proofing the wording of the UCC financing statement
5. Not doing a post filing, pre-lending search
6. Not having adverse prior filed financing statements for repaid loans
terminated
7. Not verifying the authenticity of prior filed termination statements in
appropriate cases.
8. Not getting the debtor name exactly correct
9. Filing late
10. Filing in the wrong jurisdiction
3
Avoiding Costly UCC Filing Mistakes --
Carter H. Klein, Jenner & Block LLP
4. 24 Common Mistakes in UCC Financing
Statement Filing
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11. Failure to timely file a continuation statement
12. Checking the wrong box (assignment or termination) instead of the
“continuation” box on the amendment form or misidentifying the initial
filing to be continued
13. Not passing the double-screen test, i.e., the collateral described in the
UCC financing statement and security agreement are not consistent
14. Not monitoring and filing for change of name, legal form or jurisdiction of
the debtor
15. Not identifying secured parties
16. Not getting authorization to file a UCC financing statement or, if you are
the debtor, not getting authorization to terminate a UCC filing
Avoiding Costly UCC Filing Mistakes --
Carter H. Klein, Jenner & Block LLP
5. 24 Common Mistakes in UCC Financing
Statement Filing
18. Filing a UCC financing statement only to perfect a security interest in
collateral in which a security interest must be perfected in some other
way: e.g., vehicles, boats, railroad rolling stock, airplanes, deposit
accounts, letter of credit rights
19. Not obtaining control over collateral such as deposit accounts, securities
accounts or commodities accounts
20. Not opting in to Article 8 to be able to perfect by control on certain types
of collateral such as limited liability company membership interests
21. Searching only the debtor’s current name
22. Not filing on escrow accounts -- both on what's in the escrow account
and the debtor's rights under the escrow agreement
5
Avoiding Costly UCC Filing Mistakes --
Carter H. Klein, Jenner & Block LLP
6. 24 Common Mistakes in UCC Financing
Statement Filing
23. Premature or unintentional termination of financing statement
24. Filing a financing statement without obtaining a signed security
agreement
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Avoiding Costly UCC Filing Mistakes --
Carter H. Klein, Jenner & Block LLP
7. 1. Not knowing the UCC Article 9
Filing Rules
• Knowing the basic UCC filing rules is essential for those who are charged
with filing UCC filings to perfect their company’s or client’s security
interest.
• There are a lot of rules that govern how UCC financing statements are to
be filed. As the list of filing errors shows, there are many things that can go
wrong.
• Not knowing or understanding the rules can lead to incorrect filings and
unperfected security interests.
• The rules are in number of key areas strict, formal and unforgiving;
corrective filings may not be able to remedy the mistake to preserve the
secured party’s perfection or priority.
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Avoiding Costly UCC Filing Mistakes --
Carter H. Klein, Jenner & Block LLP
8. To see the complete presentation check the
below link:
https://www.audiosolutionz.com/banking/ucc-financing-statement.html