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Secured Transactions Assignment 24

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Title: Secured Transactions Assignment 24


1
Secured TransactionsAssignment 24
  • Maintaining Perfection Through Relocation of
    Debtor or Collateral

2
The Big Picture
  • Part Two The Creditor Third Party Relationship
  • Chapter 6 Perfection
  • Chapter 7 Maintaining Perfection
  • Assignment 22 Through lapse and bankruptcy
  • Assignment 23 Through changes in name,
    identity and use of collateral
  • Assignment 24 Through interstate movements
    of debtors and collateral
  • Chapter 8-9 Priority

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15
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
16
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Method for solving filing problems 1. Who or
what is the debtor? 2. Where is that entity
located? 3. What is that entitys name?
17
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
What entity is the debtor?
18
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
What entity is the debtor? 9-102(a)(28) Debtor
means a person having an interest . . . in the
collateral . . . whether or not the person is an
obligor.
19
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
What entity is the debtor? 9-102(a)(28) Debtor
means a person having an interest . . . in the
collateral . . . whether or not the person is an
obligor. 1-201(25). Organization means a
person other than an individual. (27). Person
means an individual, corporation . . .
partnership . . . or any other legal or
commercial entity.
20
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
What entity is the debtor? Shatner, maybe
partnership, business 9-102(a)(28) Debtor means
a person having an interest . . . in the
collateral . . . whether or not the person is an
obligor. 1-201(25). Organization means a
person other than an individual. (27). Person
means an individual, corporation . . .
partnership . . . or any other legal or
commercial entity.
21
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • In what states do we file? (Shatner)

22
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • In what states do we file? (Shatner)
  • 9-307(b)(1) An individual is located at the
    individuals principal residence.
  • Residence means personal presence at some place
    of abode with no present intention of definite
    and early removal

23
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • In what states do we file? (Shatner)
  • Kansas, Arizona, Missouri
  • 9-307(b)(1) An individual is located at the
    individuals principal residence.
  • Residence means personal presence at some place
    of abode with no present intention of definite
    and early removal

24
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • In what states do we file? (partnership or
    commercial entity)

25
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • In what states do we file? (partnership or
    commercial entity)
  • 9-307(b)(3) A debtor that is an organization and
    has more than one place of business is located at
    its chief executive office.

26
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • In what states do we file? (partnership or
    commercial entity) Missouri
  • 9-307(b)(3) A debtor that is an organization and
    has more than one place of business is located at
    its chief executive office.

27
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
b. What debtor names should be listed?
28
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
b. What debtor names should be listed?
9-503(a)(4). A financing statement
sufficiently provides a name, only if it provides
the individual or organizational name . .
29
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
b. What debtor names should be listed?
9-503(a)(4). A financing statement
sufficiently provides a name, only if it provides
the individual or organizational name .
. 9-503(c). A financing statement that provides
only the debtors trade name does not
sufficiently provide the name of the debtor.
30
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
b. What debtor names should be listed? Shatner,
Shatner Engineering 9-503(a)(4). A financing
statement sufficiently provides a name, only if
it provides the individual or organizational name
. . 9-503(c). A financing statement that
provides only the debtors trade name does not
sufficiently provide the name of the debtor.
31
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office Nevada Place of incorporation
  • Three years ago, Shatner formed a Nevada
    corporation under the name Shatner Engineering
    Products, Inc. Now where do you file?

32
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office Nevada Place of incorporation
  • Three years ago, Shatner formed a Nevada
    corporation under the name Shatner Engineering
    Products, Inc. Now where do you file?
  • 9-307(e). A registered organization that is
    organized under the law of a state is located in
    that State.

33
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office Nevada Place of incorporation
  • Three years ago, Shatner formed a Nevada
    corporation under the name Shatner Engineering
    Products, Inc. Now where do you file?
  • 9-307(e). A registered organization that is
    organized under the law of a state is located in
    that State.
  • How do you know if the corporation owns the
    collateral?

34
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common?

35
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common? In what states do you file?

36
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common? In what states do you file?
  • 9-102(a)(28). Debtor means a person . . .
    having an interest . . . in the collateral,
    whether or not the person is an obligor.

37
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common? In what states do you file?
  • 9-102(a)(28). Debtor means a person . . .
    having an interest . . . in the collateral,
    whether or not the person is an obligor.
  • 9-307(b)(1). A debtor who is an individual is
    located at the individuals principal residence.

38
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common? In what states do you file?
  • 9-102(a)(28). Debtor means a person . . .
    having an interest . . . in the collateral,
    whether or not the person is an obligor.
  • 9-307(b)(1). A debtor who is an individual is
    located at the individuals principal residence.
    For Louise Arizona.

39
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common? In what states do you file? In what
    names?

40
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common? In what states do you file? In what
    names?
  • 9-503(a)(4)(A) financing statement sufficiently
    provides the name of the debtor . . . only if it
    provides the individual or organizational name of
    the debtor . . .

41
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
  • What if Louise owns one-third as a tenant in
    common? In what states do you file? In what
    names?
  • 9-503(a)(4)(A) financing statement sufficiently
    provides the name of the debtor . . . only if it
    provides the individual or organizational name of
    the debtor . . .
  • Shatner Engineering and Louise Godfrey.

42
Interstate movements, 9-316(a)
Secured party
Ownership
43
Interstate movements, 9-316(a)
State A
State B
Secured party
Ownership
44
Interstate movements, 9-316(a)
State A
State B
Secured party
Ownership
(a) A security interest perfected . . . remains
perfected until . . . (2) . . . four months
after a change in the debtors location to
another jurisdiction.
45
Interstate movements, 9-316(a)
State A
State B
Secured party
Ownership
(a) A security interest perfected . . . remains
perfected until . . . (2) . . . four months
after a change in the debtors location to
another jurisdiction.
46
Interstate movements, 9-316(a)
State A
State B
Secured party
Ownership
(a) A security interest perfected . . . remains
perfected until . . .
47
Interstate movements, 9-316(a)
State A
State B
Secured party
Sale
(a) A security interest perfected . . . remains
perfected until . . . (3) . . . one year after a
transfer of collateral to a person that thereby
becomes a debtor
48
Interstate movements, 9-316(a)
State A
State B
Secured party
Ownership
(a) A security interest perfected . . . remains
perfected until . . . (3) . . . one year after a
transfer of collateral to a person that thereby
becomes a debtor
49
Interstate movements, 9-316(b)
Debtor moves to State B
S1 files State A
Four months
9-316(a) A security interest perfected in State
A remains perfected until . . . four months after
the debtor moves
50
Interstate movements, 9-316(b)
Debtor moves to State B
S1 files State A
S1 files State B
Four months
9-316(a) A security interest perfected in State
A remains perfected until . . . four months after
the debtor moves 9-316(b) If the security
interest . . . becomes perfected . . . before
the end of four months it remains perfected
thereafter.
51
Interstate movements, 9-316(b)
Debtor moves to State B
S1 files State A
S1 files State B
Four months
9-316(a) A security interest perfected in State
A remains perfected until . . . four months after
the debtor moves 9-316(b) If the security
interest . . . becomes perfected . . . before
the end of four months it remains perfected
thereafter.
52
Interstate movements, 9-316(b)
Debtor moves to State B
S1 files State A
Four months
9-316(a) A security interest perfected in State
A remains perfected until . . . four months after
the debtor moves 9-316(b) If the security
interest . . . becomes perfected . . . before
the end of four months it remains perfected
thereafter. If the security interest does not
become perfected in that time it becomes
unperfected
53
Interstate movements, 9-316(b)
Debtor moves to State B
S1 files State A
Debtor files bankruptcy
Debtor files bankruptcy
Four months
9-316(a) A security interest perfected in State
A remains perfected until . . . four months after
the debtor moves 9-316(b) If the security
interest . . . becomes perfected . . . before
the end of four months it remains perfected
thereafter. If the security interest does not
become perfected in that time it becomes
unperfected (It beats the first trustee, and
loses to the second.)
54
Interstate movements, 9-316(b)
Debtor moves to State B
S1 files State A
S3 purchases
S2 purchases
Four months
9-316(a) A security interest perfected in State
A remains perfected until . . . four months after
the debtor moves 9-316(b) If the security
interest . . . becomes perfected . . . before
the end of four months it remains perfected
thereafter. If the security interest does not
become perfected in that time it becomes
unperfected and is deemed never to have been
perfected as against a purchaser of the
collateral for value.
55
Interstate movements, 9-316(b)
Debtor moves to State B
S1 files State A
S3 purchases
S2 purchases
Four months
9-316(a) A security interest perfected in State
A remains perfected until . . . four months after
the debtor moves 9-316(b) If the security
interest . . . becomes perfected . . . before
the end of four months it remains perfected
thereafter. If the security interest does not
become perfected in that time it becomes
unperfected and is deemed never to have been
perfected as against a purchaser of the
collateral for value. (S1 loses to S2 and S3.)
56
Problem 24.1, page 414
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Filings summary (LoPuckis personal
picks) William Shatner in Kansas, Arizona,
Missouri (residence) Louise Godfrey, Arizona
(residence) Shatner Engineering, Missouri,
Arizona (chief executive office)
57
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Change of owner location.
58
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Change of owner location. 9-316(a) imposes
reperfection dead- line.
59
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Change of owner location. 9-316(a) imposes
reperfection dead- line. Cmt 2 The four month
and one year periods are long enough for a
secured party to discover change and reperfect
60
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Change of owner location. 9-316(a) imposes
reperfection dead- line. Cmt 2 The four month
and one year periods are long enough for a
secured party to discover change and reperfect
a. On a 250,000 loan, what should Firstbank
monitor?
61
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Change of owner location. 9-316(a) imposes
reperfection dead- line. Cmt 2 The four month
and one year periods are long enough for a
secured party to discover change and
reperfect a. On a 250,000 loan, what should
Firstbank monitor? How monitor principal
residence?
62
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Change of owner location. 9-316(a) imposes
reperfection dead- line. Cmt 2 The four month
and one year periods are long enough for a
secured party to discover change and
reperfect a. On a 250,000 loan, what should
Firstbank monitor? How monitor principal
residence? Business ownership?
63
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Change of owner location. 9-316(a) imposes
reperfection dead- line. Cmt 2 The four month
and one year periods are long enough for a
secured party to discover change and
reperfect a. On a 250,000 loan, what should
Firstbank monitor? How monitor principal
residence? Business ownership? b. On a 25
million loan, what should Firstbank monitor?
64
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Is filing at the debtors principal residence a
good rule?
65
Problem 24.2, page 415
Hawaii
Kansas
Shatners current apartment
Shatners future domicile
Arizona
Missouri
Location of the business Godfrey, business
manager Shatners summer residence, owned home
Shatners office, nerve center and chief
executive office
Is filing at the debtors principal residence a
good rule? How about filing at the debtors place
of birth?
66
Problem 24.3, page 415
9-507(a). A filed financing statement remains
effective with respect to collateral that is sold
. . . .
67
Problem 24.3, page 415
9-507(a). A filed financing statement remains
effective with respect to collateral that is sold
. . . . 9-316(a). A security interest perfected
where the debtor is located remains perfected
until . . . (2) . . . four months after a
change of the debtors location . . . or (3) . .
. one year after a transfer of the collateral to
a person . . . located in another jurisdiction
68
Problem 24.3, page 415
Global Bank X Corp -------------?
Argon -------------? Tang
SI
Sale
(Calif)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search?
69
Problem 24.3, page 415
Otherbank
Global Bank X Corp -------------?
Argon -------------? Tang
SI
SI
Sale
(Calif)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search? Could a filing against Argon be good
against Global?
70
Problem 24.3, page 415
Otherbank
Global Bank X Corp -------------?
Argon -------------? Tang
SI
SI
Sale
(Calif)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search? Could a filing against Argon be good
against Global? 9-507(a)
71
Problem 24.3, page 415
Otherbank
Global Bank X Corp -------------?
Argon -------------? Tang
SI
SI
Sale
(Calif)
(Nevada)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search? Could a filing against Argon be good
against Global? 9-507(a) Where should we search
against Argon?
72
Problem 24.3, page 415
Otherbank
Global Bank X Corp -------------?
Argon -------------? Tang
SI
SI
Sale
(Calif)
(Nevada)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search? Could a filing against Argon be good
against Global? 9-507(a) Where should we search
against Argon? Nevada.
73
Problem 24.3, page 415
Anotherbank
Global Bank X Corp -------------?
Argon -------------? Tang
SI
SI
Sale
Sale
(Calif)
(Massachusetts)
(Nevada)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search? Could a filing against Argon be good
against Global? 9-507(a) Where should we search
against Argon? Nevada. Could a filing against X
Corp be good against Global?
74
Problem 24.3, page 415
Anotherbank
Global Bank X Corp -------------?
Argon -------------? Tang
SI
SI
Sale
Sale
(Calif)
(Massachusetts)
(Nevada)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search? Could a filing against Argon be good
against Global? 9-507(a) Where should we search
against Argon? Nevada. Could a filing against X
Corp be good against Global? Could those filings
be in other states?
75
Problem 24.3, page 415
Anotherbank
Global Bank X Corp -------------?
Argon -------------? Tang
SI
SI
Sale
Sale
(Calif)
(Nevada)
(Massachusetts)
We represent Global bank, lending to Tang against
the purchased assets. In what names/systems will
we search? Could a filing against Argon be good
against Global? 9-507(a) Where should we search
against Argon? Nevada. Could a filing against X
Corp be good against Global? Could those filings
be in other states? Yes, 9-316(a)(3), but sale
by the out-of-state debtor would have to be in
past year.
76
Problem 24.4, page 415
The debtor is Afghan, Inc., an Afghanistan
corporation with its headquarters and operations
in New York. Is this a registered organization?
9-102(a)(70).
77
Problem 24.4, page 415
The debtor is Afghan, Inc., an Afghanistan
corporation with its headquarters and operations
in New York. Is this a registered organization?
9-102(a)(70). No. 9-102(a)(76)
78
Problem 24.4, page 415
The debtor is Afghan, Inc., an Afghanistan
corporation with its headquarters and operations
in New York. Is this a registered organization?
9-102(a)(70). No. 9-102(a)(76) Where does
Firstbank file?
79
Problem 24.4, page 415
The debtor is Afghan, Inc., an Afghanistan
corporation with its headquarters and operations
in New York. Is this a registered organization?
9-102(a)(70). No. 9-102(a)(76) Where does
Firstbank file? 9-307(b)(3). A debtor that is
an organization and has only one place of
business is located at its place of business.
80
Problem 24.4, page 415
The debtor is Afghan, Inc., an Afghanistan
corporation with its headquarters and operations
in New York. Is this a registered organization?
9-102(a)(70). No. 9-102(a)(76) Where does
Firstbank file? 9-307(b)(3). A debtor that is
an organization and has only one place of
business is located at its place of
business. 9-307(c). Subsection (b) applies
only if a debtors . . . chief executive office .
. . is located in a jurisdiction whose law
generally requires filing as a condition . . .
of . . .obtaining priority over the rights of a
lien creditor . . . . If subsection (b) does not
apply, the debtor is located in the District of
Columbia.
81
Problem 24.4, page 415
The debtor is Afghan, Inc., an Afghanistan
corporation with its headquarters and operations
in New York. Is this a registered organization?
9-102(a)(70). No. 9-102(a)(76) Where does
Firstbank file? 9-307(b)(3). A debtor that is
an organization and has only one place of
business is located at its place of
business. 9-307(c). Subsection (b) applies
only if a debtors . . . chief executive office .
. . is located in a jurisdiction whose law
generally requires filing as a condition . . .
of . . .obtaining priority over the rights of a
lien creditor . . . . If subsection (b) does not
apply, the debtor is located in the District of
Columbia. Answer New York
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