Secured Transactions Assignment 17

1
Secured TransactionsAssignment 17

• Financing Statements
• The Debtors Name

2
System for naming individuals

• Article 9 No definition of name.
• The common law The name by which the debtor is
  generally known, for nonfraudulent purposes, in
  the community.
• Tiger Woods 77,821 or Eldridge Woods 2?
• Osama Bin Laden 67,276 or Usama Bin Laden 1,617?
• Vincente Fox Quesada? Or Vincente Fox?
• In re Kinderknecht The debtors legal name,
  not the debtors nickname.
• Legal name Terrance Joseph Kinderknecht,
  first paragraph of case
• Legal name Terrance J. Kinderknecht, third
  paragraph of case

3
System for naming corporations

• 9-503(a)(1) The name of the debtor indicated
  on the public record of the debtors jurisdiction
  of organization.
• Is the public record
• 1. The list of entities that appears on the
  internet listing, or
• 2. The name on the articles of incorporation?

4
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.

5
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.

6
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.

7
Standard Search Logic

• (a) No distinction is made between upper and
  lower case letters.
• (b)  Punctuation marks and accents are
  disregarded.
• (c)  Words and abbreviations that indicate the
  existence or nature of an organization are
  disregarded.
• (d)  The word "the" at the beginning of the
  search criteria is disregarded.
• (e)  All spaces are disregarded.
• The John-Ken A. Smith Corporation

8
Standard Search Logic

• (a) No distinction is made between upper and
  lower case letters.
• (b)  Punctuation marks and accents are
  disregarded.
• (c)  Words and abbreviations that indicate the
  existence or nature of an organization are
  disregarded.
• (d)  The word "the" at the beginning of the
  search criteria is disregarded.
• (e)  All spaces are disregarded.
• The John-Ken A. Smith Corporation
  JOHNKENASMITH

9
Standard Search Logic

• (a) No distinction is made between upper and
  lower case letters.
• (b)  Punctuation marks and accents are
  disregarded.
• (c)  Words and abbreviations that indicate the
  existence or nature of an organization are
  disregarded.
• (d)  The word "the" at the beginning of the
  search criteria is disregarded.
• (e)  All spaces are disregarded.
• The John-Ken A. Smith Corporation
  JOHNKENASMITH
• John Kena Smith, Incorporated
  JOHNKENASMITH

10
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials

11
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials
• For example, a search request for "John A.
  Smith" would cause the search to retrieve all
  filings against all individual debtors with
  "John" or the initial "J" as the first name,
  "Smith" as the last name, and with the initial
  "A" or any name beginning with "A" in the middle
  name field.

12
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials
• For example, a search request for "John A.
  Smith" would cause the search to retrieve all
  filings against all individual debtors with
  "John" or the initial "J" as the first name,
  "Smith" as the last name, and with the initial
  "A" or any name beginning with "A" in the middle
  name field.
• Search Retrieves
• John A. Smith J. A. Smith
• J. Allen Smith
• John Allen Smith

13
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials, and
  first name and no middle name or initial is
  equated with all middle names and initials.

14
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials, and
  first name and no middle name or initial is
  equated with all middle names and initials.
• Search Retrieves
• John Smith John Allen Smith
• John Philip Smith
• John P. Smith

15
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials, and
  first name and no middle name or initial is
  equated with all middle names and initials.
• Search Retrieves
• John Smith John Allen Smith
• John Philip Smith
• John P. Smith
• J. Smith John Allen Smith
• John Philip Smith
• Jerome Williams Smith

16
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials, and
  first name and no middle name or initial is
  equated with all middle names and initials.
• Search Retrieves
• John Smith John Allen Smith
• John Philip Smith
• John P. Smith
• J. Smith John Allen Smith
• John Philip Smith
• Jerome Williams Smith
• Correct name John Philip Smith. Filing J.
  Smith.

17
Standard Search Logic

• For first and middle names of individuals,
  initials are treated as the logical equivalent of
  all names that begin with such initials, and
  first name and no middle name or initial is
  equated with all middle names and initials.
• Search Retrieves
• John Smith John Allen Smith
• John Philip Smith
• John P. Smith
• J. Smith John Allen Smith
• John Philip Smith
• Jerome Williams Smith
• Correct name John Philip Smith. Filing J.
  Smith. Valid?

18
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any, would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.
• Drafters thinking
• Filers and searchers can easily get exact correct
  names.

19
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any, would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.
• Drafters thinking
• Filers and searchers can easily get exact correct
  names. http//kepler.sos.ca.gov/list.html
  (Quality Mechanical)

20
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any, would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.
• Drafters thinking
• Filers and searchers can easily get exact correct
  names. http//kepler.sos.ca.gov/list.html
  (Quality Mechanical) (But individual names?)

21
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any, would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.
• Drafters thinking
• Filers and searchers can easily get exact correct
  names. http//kepler.sos.ca.gov/list.html
  (Quality Mechanical) (But individual names?)
• Only a single search is necessary.

22
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any, would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.
• Drafters thinking
• Filers and searchers can easily get exact correct
  names. http//kepler.sos.ca.gov/list.html
  (Quality Mechanical) (But individual names?)
• Only a single search is necessary.
• States will soften the system with search logic
  that overcomes minor errors.

23
Name Errors

• 9-506(c) If a search of the records of the
  filing office under the debtors correct name,
  using the filing offices standard search logic,
  if any, would disclose a financing statement that
  fails sufficiently to provide the name of the
  debtor in accordance with Section 9-503(a), the
  name provided does not make the financing
  statement seriously misleading.
• Drafters thinking
• Filers and searchers can easily get exact correct
  names. http//kepler.sos.ca.gov/list.html
  (Quality Mechanical) (But individual names?)
• Only a single search is necessary.
• States will soften the system with search logic
  that overcomes minor errors. (But Spearing Tool)

24
Spearing Tool Problem

• The IRS files tax liens in the Article 9 filing
  system
• The IRS uses names from tax returns
• The Sixth Circuit says tax return names are
  sufficient provided a reasonable diligent
  search finds them
• Result Tax liens that dont meet the 9-506(c)
  standard are valid
• Anyone who wants to find all valid liens, must do
  more than 9-506(c) requires

25
Standard search logic is in effect, page 305
26
Standard search logic is in effect, page 305
27
Standard search logic is in effect, page 305
28
Standard search logic is in effect, page 305
29
Standard search logic is in effect, page 305
30
Standard search logic is in effect, page 305
31
Standard search logic is in effect, page 305
32
Standard search logic is in effect, page 305
33
Standard search logic is in effect, page 305
34
Standard search logic is in effect, page 305
35
Standard search logic is in effect, page 305
36
Standard search logic is in effect, page 305
37
Standard search logic is in effect, page 305
38
Standard search logic is in effect, page 305
39
Standard search logic is in effect, page 305
40
Standard search logic is in effect, page 305
41
Standard search logic is in effect, page 305
42
Standard search logic is in effect, page 305
43
Standard search logic is in effect, page 305
44
Standard search logic is in effect, page 305
45
Standard search logic is in effect, page 305
46
Standard search logic is in effect, page 305
47
Standard search logic is in effect, page 305
48
Standard search logic is in effect, page 305
49
Standard search logic is in effect, page 305
50
Standard search logic is in effect, page 305
51
Standard search logic is in effect, page 305
52
Standard search logic is in effect, page 305
53
Standard search logic is in effect, page 305
54
Standard search logic is in effect, page 305
55
Standard search logic is in effect, page 305
56
Standard search logic is in effect, page 305
57
Reminder System for naming individuals

• Article 9 No definition of name.
• The common law The debtors legal name is the
  name by which the debtor is generally known, for
  nonfraudulent purposes, in the community.
• In re Kinderknecht The debtors legal name,
  not the debtors nickname.
• But arent most people known by their nicknames?

58
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under?

59
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.

60
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?

61
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?
• Hypo Assume his legal name is Robert P. Lee
  and ignore Spearing tool

62
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?
• Hypo Assume his legal name is Robert P. Lee
  and ignore Spearing tool
• Is a filing under Robert Lee effective?

63
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?
• Hypo Assume his legal name is Robert P. Lee
  and ignore Spearing tool
• Is a filing under Robert Lee effective? Only
  if a
• Robert P. Lee search returns it.

64
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?
• Hypo Assume his legal name is Robert P. Lee
  and ignore Spearing tool
• Is a filing under Robert Lee effective? Only
  if a
• Robert P. Lee search returns it.
• Is a filing under Robert Paul Lee effective?

65
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?
• Hypo Assume his legal name is Robert P. Lee
  and ignore Spearing tool
• Is a filing under Robert Lee effective? Only
  if a Robert P. Lee search returns it.
• Is a filing under Robert Paul Lee effective?
  Only if a Robert P. Lee search returns it.

66
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?
• Hypo Assume his legal name is Robert P. Lee
  and ignore Spearing tool
• Is a filing under Robert Lee effective? Only
  if a
• Robert P. Lee search returns it.
• Is a filing under Robert Paul Lee effective?
  Only if
• a Robert P. Lee search returns it.
• Do we need to search under Robert Paul Lee?

67
Problem 17.2, page 310

• Bob Lee How do we determine what name to search
  under? Kinderknecht court Obtaining a debtors
  legal name is not difficult or burdensome.
• How do we do it?
• Hypo Assume his legal name is Robert P. Lee
  and ignore Spearing tool
• Is a filing under Robert Lee effective? Only
  if a
• Robert P. Lee search returns it.
• Is a filing under Robert Paul Lee effective?
  Only if
• a Robert P. Lee search returns it.
• Do we need to search under Robert Paul Lee? No.
  One search in the correct name finds all.

68
Reminder System for naming corporations

• 9-503(a)(1) The name of the debtor indicated
  on the public record of the debtors jurisdiction
  of organization.
• Is the public record
• 1. The list of entities that appears on the
  internet listing, or
• 2. The name on the articles of incorporation?

69
Problem 17.2, page 310

• Description of collateral equipment, inventory,
  and accounts receivable.
• How do you search on Lee Leasing?
• Almost certainly a trade name. You need the
  legal name.
• You find Lee Leasing, Inc. How do you know
  this is Bobs corporation?
• http//kepler.ss.ca.gov/list.html (Hidden
  Assets)
• Search the public record. Address? Agent for
  service?
• How do you know that Lee Leasing, Inc. owns the
  collateral?
• What if Hidden Assets Corp. owns it?
• Documents showing collateral sold to Lee
  Leasing, Inc.

70
Problem 17.2.b, page 310

• Bob borrows the money and agrees to repay it.
• Lee Leasing owns the collateral and does not
  agree to repay the loan.
• Which is the debtor, whose name goes on the
  financing statement?
• 9-102(a)(28). Debtor means a person having an
  interest . . . in the collateral, whether or not
  the person is an obligor.
• Lee Leasing is the debtor.

71
Problem 17.3, page 310
We searched under the correct name John Phillip
Smith
72
Problem 17.3, page 310

• Smith, John
• Smith, John
• Smith, John
• Smith, John Alfred
• Smith, John B.
• Smith, John L.
• Smith, John M.
• Smith, John P.
• Smith, John Philip Jr.
• Smith, John Robert
• Smith, John T.
• Smith, John Thomas

We searched under the correct name John Phillip
Smith The SOS returned 112 filings, including
these
73
Problem 17.3, page 310

• Smith, John
• Smith, John
• Smith, John
• Smith, John Alfred
• Smith, John B.
• Smith, John L.
• Smith, John M.
• Smith, John P.
• Smith, John Philip Jr.
• Smith, John Robert
• Smith, John T.
• Smith, John Thomas

We searched under the correct name John Phillip
Smith The SOS returned 112 filings, including
these Which ones could validly encumber John
Phillip Smiths collateral?
74
Problem 17.3, page 310

• Smith, John
• Smith, John
• Smith, John
• Smith, John Alfred
• Smith, John B.
• Smith, John L.
• Smith, John M.
• Smith, John P.
• Smith, John Philip Jr.
• Smith, John Robert
• Smith, John T.
• Smith, John Thomas

We searched under the correct name John Phillip
Smith The SOS returned 112 filings, including
these Which ones could validly encumber John
Phillip Smiths collateral? Answer All of them.
9-506(c)
75
Problem 17.4, page 310
We are advising the SOS on search logic.
76
Problem 17.4, page 310
We are advising the SOS on search logic. a. If
the request is for John Phillip Smith
77
Problem 17.4, page 310
We are advising the SOS on search logic. a. If
the request is for John Phillip Smith which of
the following should be on the search results?

• Smith, John P.
• Smith, J.P.
• Smith, J. P.
• Smyth, John P.
• Smith, John Phillip Jr.
• Smith, John Philip
• John Phillip Smith, Ltd.
• Smith, J.

78
Problem 17.4, page 310
We are advising the SOS on search logic. a. If
the request is for John Phillip Smith which of
the following should be on the search results? b.
What is good about giving more names?

• Smith, John P.
• Smith, J.P.
• Smith, J. P.
• Smyth, John P.
• Smith, John Phillip Jr.
• Smith, John Philip
• John Phillip Smith, Ltd.
• Smith, J.

79
Problem 17.4, page 310
We are advising the SOS on search logic. a. If
the request is for John Phillip Smith which of
the following should be on the search results? b.
What is good about giving more names? Overcomes
errors.

• Smith, John P.
• Smith, J.P.
• Smith, J. P.
• Smyth, John P.
• Smith, John Phillip Jr.
• Smith, John Philip
• John Phillip Smith, Ltd.
• Smith, J.

80
Problem 17.4, page 310
We are advising the SOS on search logic. a. If
the request is for John Phillip Smith which of
the following should be on the search results? b.
What is good about giving more names? Overcomes
errors. What is bad about giving more names?

• Smith, John P.
• Smith, J.P.
• Smith, J. P.
• Smyth, John P.
• Smith, John Phillip Jr.
• Smith, John Philip
• John Phillip Smith, Ltd.
• Smith, J.

81
Problem 17.4, page 310
We are advising the SOS on search logic. a. If
the request is for John Phillip Smith which of
the following should be on the search results? b.
What is good about giving more names? Overcomes
errors. What is bad about giving more names?
Searcher must check more filings.

• Smith, John P.
• Smith, J.P.
• Smith, J. P.
• Smyth, John P.
• Smith, John Phillip Jr.
• Smith, John Philip
• John Phillip Smith, Ltd.
• Smith, J.

82
As of dates
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
9-523(c)(1). The filing office shall communicate
. . . to any person who requests it (1)
Whether there is on file on a date and time
specified by the filing office, but not a date
earlier than three business days before the
filing office receives the request, any financing
statement that . . . designates a particular
debtor . . . .
83
As of dates

• A filing is effective when filing office receives
  it. 9-516(a)

Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
9-523(c)(1). The filing office shall communicate
. . . to any person who requests it (1)
Whether there is on file on a date and time
specified by the filing office, but not a date
earlier than three business days before the
filing office receives the request, any financing
state that . . . designates a particular debtor .
. . .
84
As of dates

• A filing is effective when filing office receives
  it. 9-516(a)
• Filing officer has two days to index it.

Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
9-523(c)(1). The filing office shall communicate
. . . to any person who requests it (1)
Whether there is on file on a date and time
specified by the filing office, but not a date
earlier than three business days before the
filing office receives the request, any financing
state that . . . designates a particular debtor .
. . .
85
As of dates

• A filing is effective when filing office receives
  it. 9-516(a)
• Filing officer has two days to index it.
• Wont show up on a search until indexed.

Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
9-523(c)(1). The filing office shall communicate
. . . to any person who requests it (1)
Whether there is on file on a date and time
specified by the filing office, but not a date
earlier than three business days before the
filing office receives the request, any financing
state that . . . designates a particular debtor .
. . .
86
As of dates
Search Report as of Wed
Wed filings Indexed
2 days to index
Filing
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
9-523(c)(1). The filing office shall communicate
. . . to any person who requests it (1)
Whether there is on file on a date and time
specified by the filing office, but not a date
earlier than three business days before the
filing office receives the request, any financing
state that . . . designates a particular debtor .
. . .
87
As of dates
Wed filings Indexed
Fri search cant be as of Wed
Filing
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
9-523(c)(1). The filing office shall communicate
. . . to any person who requests it (1)
Whether there is on file on a date and time
specified by the filing office, but not a date
earlier than three business days before the
filing office receives the request, any financing
state that . . . designates a particular debtor .
. . .
88
Problem 17.5, page 311
FS filed noon
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
A financing statement is filed on Wednesday.
89
Problem 17.5, page 311
FS filed noon
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
A financing statement is filed on Wednesday. a.
By what date must the filing office index it?
9-519 (a) and (h)
90
Problem 17.5, page 311
Last in- dex day 9-519(h) 5 pm
FS filed noon
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
A financing statement is filed on Wednesday. a.
By what date must the filing office index it?
9-519 (a) and (h) Not later than two business
days after filing. Friday.
91
Problem 17.5, page 311
Search report 9-523 (c)(1)
Last in- dex day 9-519(h) 5 pm
FS filed noon
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
b. If a financing statement is filed at noon
Wednesday, the latest search report that could
omit it goes out the following Wednesday.
92
Problem 17.5, page 311
Search report 9-523 (c)(1)
Last in- dex day 9-519(h) 5 pm
FS filed noon
Search request
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
2 business days
b. If a financing statement is filed at noon
Wednesday, the latest search report that could
omit it goes out the following Wednesday. Imagine
a search request on Monday.
93
Problem 17.5, page 311
Search report 9-523 (c)(1)
Last in- dex day 9-519(h) 5 pm
FS filed noon
Search request
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
Earliest as of date, 9 am 9-523 (c)(1)
3 business days
2 business days
b. If a financing statement is filed at noon
Wednesday, the latest search report that could
omit it goes out the following Wednesday. Imagine
a search request on Monday.
94
Problem 17.5, page 311
Search report 9-523 (c)(1)
Last in- dex day 9-519(h) 5 pm
FS filed noon
Search request
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
Earliest as of date, 9 am 9-523 (c)(1)
3 business days
2 business days
c. What is the penalty for a filing office that
doesnt comply with these deadlines?
95
Problem 17.5, page 311
Search report 9-523 (c)(1)
Last in- dex day 9-519(h) 5 pm
FS filed noon
Search request
Wed
Thurs
Fri
Sun
Mon
Tues
Wed
Sat
Earliest as of date, 9 am 9-523 (c)(1)
3 business days
2 business days
c. What is the penalty for a filing office that
doesnt comply with these deadlines? Nothing.
96
Problem 17.6, page 311
Global Bank
Secured loan
Argon
Tang
Asset sale
97
Problem 17.6, page 311
Closing
Now
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9

• Assuming SOS compliance, what do you do and in
  what order?

Global Bank
Secured loan
Argon
Tang
Asset sale
98
Problem 17.6, page 311
File
Closing
Now
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9

• Assuming SOS compliance, what do you do and in
  what order?
• File

Global Bank
Secured loan
Argon
Tang
Asset sale
99
Problem 17.6, page 311
File
Closing
Now
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9

• Assuming SOS compliance, what do you do and in
  what order?
• File
• Wait two days for indexing

Global Bank
Secured loan
Argon
Tang
Asset sale
100
Problem 17.6, page 311
File
Closing
Now
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9

• Assuming SOS compliance, what do you do and in
  what order?
• File
• Wait two days for indexing
• As of date will include 1

Global Bank
Secured loan
Argon
Tang
Asset sale
101
Problem 17.6, page 311
File
Request
Closing
Now
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9

• Assuming SOS compliance, what do you do and in
  what order?
• File
• Wait two days for indexing
• As of date will include 1
• Search

Global Bank
Secured loan
Argon
Tang
Asset sale
102
Problem 17.6, page 311
File
Request
Closing
Now
Report
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9

• Assuming SOS compliance, what do you do and in
  what order?
• File
• Wait two days for indexing
• As of date will include 1
• Search

Global Bank
Secured loan
Argon
Tang
Asset sale
103
Problem 17.6, page 311
Closing
Now
1
2
3
4
5
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8
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9
b. Assuming our filing will remain the basket 14
days, what do you do and in what order?
104
Problem 17.6, page 311
File
Closing
Now
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9
b. Assuming our filing will remain the basket 14
days, what do you do and in what
order? File Wait for indexing Search
105
Problem 17.6, page 311
File
Closing
Now
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9
b. Assuming our filing will remain the basket 14
days, what do you do and in what
order? File Wait for indexing. When should we
make a request? Search
106
Problem 17.6, page 311
Request
File
Closing
Now
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9
b. Assuming our filing will remain the basket 14
days, what do you do and in what
order? File Wait for indexing. When should we
make a request? Search
107
Problem 17.6, page 311
Request
File
Closing
Closing
Now
Indexing
1
2
3
4
5
6
7
8
16
15
14
13
12
11
10
9
b. Assuming our filing will remain the basket 14
days, what do you do and in what
order? File Wait for indexing. When should we
make a request? Search
Expedited searching
108
9-521. UCC financing statement Official form
109
9-521. UCC financing statement Official
form Filer Searcher
110
9-521. UCC financing statement Official
form Filer Searcher Search is by
name.
111
9-521. UCC financing statement Official
form Filer Searcher Search is by
name. Naming system is chaotic
112
9-521. UCC financing statement Official
form Filer Searcher Search is by
name. Naming system is chaotic Communication is
poor
113
9-521. UCC financing statement Official
form Filer Searcher Search is by
name. Naming system is chaotic Communication is
poor 15 -- 25 of filings are invalid because
they cannot be found on a search in the debtors
correct name.