A lender must properly perfect its security interest to protect its lien priority in collateral. But did you know that not all perfection methods are legally effective for all types of collateral? This webinar will explain how to properly perfect a security interest in various types of collateral for consumer and commercial loans, including deposit accounts, stocks and mutual funds, equipment, inventory, accounts receivable, general intangibles, and farm products. It will also address situations when a UCC-1 financing statement, taking possession of the collateral, or obtaining a third-party control agreement are required for perfection.
Further, did you know it’s possible for a subsequent lender to obtain a priority security interest when another creditor already has an existing security interest in that collateral? Many lenders are surprised when they learn they have lost their security interest to a subsequent lender which obtained a purchase money security interest. Conversely, many prospective lenders have lost opportunities to make new loans because they don’t understand how to obtain priority over existing security interests. This webinar will explain the proper steps to obtain super-priority status with a purchase money security interest in collateral.
- How to create a proper security interest in various types of collateral
- Methods of perfecting the security interest – when is possession, filing, or third-party control required
- How to creSecuring Collateral Part 3: Legal & Compliance Issues in Obtaining Priority in Collateral, Including Purchase Money Security Interestsate a purchase money security interest with super priority
- What are the UCC Article 9 requirements?
- Common mistakes
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
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