1 Secured Transactions Assignment 16 The Personal Property Filing Systems.
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1
Secured TransactionsAssignment 16
The Personal Property Filing Systems
2
The Big Picture
Part One: The Creditor-Debtor Relationship
DebtorCreditor
3
The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party Relationship
Debtor
Creditor
Creditor
PMSI Tax lien
Seller
Buyer
4
The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party RelationshipChapter 6: Perfection
Debtor
Creditor
Creditor
PMSI Tax lien
Seller
Buyer
5
The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party RelationshipChapter 6: Perfection
Chapter 7: Maintaining Perfection
Debtor
Creditor
Creditor
PMSI Tax lien
Seller
Buyer
6
The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party RelationshipChapter 6: Perfection
Chapter 7: Maintaining Perfection
Chapter 8: The Concept of Priority
Debtor
Creditor
Creditor
PMSI Tax lien
Seller
Buyer
7
The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party RelationshipChapter 6: Perfection
Chapter 7: Maintaining Perfection
Chapter 8: The Concept of Priority
Chapter 9: Particular Priority Contests
Debtor
Creditor
Creditor
PMSI Tax lien
Seller
Buyer
8
The right to be paid in full in preference to others.
Priority: The Basic Idea
9
The right to be paid in full in preference to others.
Example 1:
2nd
1st
Priority: The Basic Idea
10
The right to be paid in full in preference to others.
Example 1: 1st gets all available value
2nd
1st
Priority: The Basic Idea
11
The right to be paid in full in preference to others.
Example 1: 1st gets all available value
Example 2:
2nd
1st
Priority: The Basic Idea
12
The right to be paid in full in preference to others.
Example 1: 1st gets all available value
Example 2: 1st is paid in full; 2nd gets the remainder
2nd
1st
Priority: The Basic Idea
13
The right to be paid in full in preference to others.
Example 1: 1st gets all available value
Example 2: 1st is paid in full; 2nd gets the remainder
Example 3:2nd
1st
Priority: The Basic Idea
14
The right to be paid in full in preference to others.
Example 1: 1st gets all available value
Example 2: 1st is paid in full; 2nd gets the remainder
Example 3: 1st and 2nd are paid in full2nd
1st
Priority: The Basic Idea
15
General rule: The first to attach and perfect a security interest has priority
Perfection: Public notice given by a proper method
Rationale:
- First’s treatment is fair because debtor agreed to it
- Later’s treatment is fair because they knew about first
Rejected rules:
Distribution based on status (wages, taxes, child support, etc., bankruptcy; government bailout $)
The right to trace value given (Louisiana vendor’s lien; statutory liens, author’s manuscript)
Priority: Who gets it?
16
1. Filing
2. Possession
3. Control
4. Automatic perfection
5. Levy
Methods of Perfection
17
To whom it may
concern: I’m first,
Filer
Filing system
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first.-- Filer
Securedparty
For most collateral, a Secured Party can perfect multiple ways:
Or
Possession
18
To whom it may
concern: I’m first,
Filer
Filing system
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first,
Filer
To whom it may
concern: I’m first.-- Filer
Securedparty
Searcher
For most collateral, a Secured Party can perfect multiple ways
The searcher must look for both.
Or And
Possession
19
UCC Searches
http://countyclerk.oklahomacounty.org/registrar-of-deeds/rod-search
http://www.azsos.gov/scripts/ucc_search.dll
http://corp.sec.state.ma.us/corp/psearch/default.asp
20
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
21
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
22
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
23
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
24
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
25
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
26
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (international aircraft)
27
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (international aircraft)
Designation as loss payee on a policy of insurance
28
The problem: Thousands of filing systemsReal estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (internationalaircraft)
Designation as a loss payee on a policy of insurance
For communication to occur, Filer must file in the right system and Searcher must search in that system
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Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
30
Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b) (possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
31
Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b) (possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
§9-310(b). A financing statement is not necessary to perfect a security interest . . . in property subject to a statute, regulation, or treaty described in §9-311(a)
32
Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b) (possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
§9-310(b). A financing statement is not necessary to perfect a security interest . . . in property subject to a statute, regulation, or treaty described in §9-311(a)
§9-311(a). [T]he filing of a financing statement is not necessary or effective to perfect a security interest in property subject to
(1) A statute ... of the United States [that] preempts §9-310(a)
33
Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b) (possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
§9-310(b). A financing statement is not necessary to perfect a security interest . . . in property subject to a statute, regulation, or treaty described in §9-311(a)
§9-311(a). [T]he filing of a financing statement is not necessary or effective to perfect a security interest in property subject to
(1) A statute ... of the United States [that] preempts §9-310(a)
(2) [A certificate of title statute of this state]
34
Which filing system?
§9-501(a). [I]f the local law of this State governs perfection of a security interest . . . the office in which to file a financing statement . . . is:
(1) the office designated for the filing of a mortgage . . . if the financing statement is filed as a fixture filing
35
Which filing system?
§9-501(a). [I]f the local law of this State governs perfection of a security interest . . . the office in which to file a financing statement . . . is:
(1) the office designated for the filing of a mortgage . . . if the financing statement is filed as a fixture filing
(2) the office of the Secretary of State in all other cases . . .
36
Which filing system?
§9-109(a)§9-310(a)
37
Which filing system?
§9-109(a)§9-310(a)
Real property system
§9-501(a)(1)
38
Which filing system?
§9-109(a)§9-310(a)
Real property system
UCCfiling system
§9-501(a)(1)
§9-501(a)(2)
39
Which filing system?
§9-109(a)§9-310(a)
Real property system
UCCfiling system
§9-311(a)
§9-310(b)(3)
§9-501(a)(1)
§9-501(a)(2)
40
Which filing system?
§9-109(a)§9-310(a)
Real property system
UCCfiling system
Federal filing systems
§9-311(a)
§9-310(b)(3)
(1)
§9-501(a)(1)
§9-501(a)(2)
41
Which filing system?
§9-109(a)§9-310(a)
Real property system
UCCfiling system
Federal filing systems
§9-311(a)
State certificateof title systems
§9-310(b)(3)
(1)
(2)
§9-501(a)(1)
§9-501(a)(2)
50
Problem 16.1, page 293
30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Auto
51
Problem 16.1, page 293
30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
Auto
52
Problem 16.1, page 293
30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a. Where does Felicia stand?
Auto
53
Problem 16.1, page 293
$36k
30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a. Where does Felicia stand? Subordinate, not yet perfected.
Bernie
Felicia
Auto
54
Problem 16.1, page 293
$36k
30k
$30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a. Where does Felicia stand? Subordinate, not yet perfected.
b. Can she go ahead with the levy? §9-401.
Bernie
Felicia
Auto
55
Problem 16.1, page 293
$36k
30k
$30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a. Where does Felicia stand? Subordinate, not yet perfected.
b. Can she go ahead with the levy? §9-401. What will happen if she does?
Bernie
Felicia
56
Problem 16.1, page 293
$36k
30k
$30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a. Where does Felicia stand? Subordinate, not yet perfected.
b. Can she go ahead with the levy? §9-401. What will happen if she does?
Bernie has priority. §9-317(a)(2)
Bernie
Felicia
57
Problem 16.1, page 293
30k
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a. Where does Felicia stand? Subordinate, not yet perfected.
b. Can she go ahead with the levy? §9-401. What will happen if she does?
Bernie has priority. §9-317(a)(2)
d. Before either has a lien, why should Leonard get to decide who gets paid?
Auto
58
Problem 16.1, page 293
Contract: “The priority of a secured creditor over other financial creditors can be justified on the grounds that non-secured creditors grant a loan knowing that some assets are subject to security interests or could be subjected to security interests without their permission. If particular creditors will not tolerate other creditors having security interests in the borrower’s assets, they can refuse to make a loan or make it only if the borrower agrees not to subject its assets to any security interests.” Leebron
59
Problem 16.1, page 293
Property: “It seems clear enough that security interests, under Article 9 and real estate law alike, are interests in property. The legal regime for security interests reflects property law functionally as well as doctrinally. We believe it follows that the law should honor the transfer or retention of security interests on the same normative grounds on which it respects the alienation of property generally.”
Harris & Mooney
60
Mark StevieCartsale
Problem 16.3, page 294
$4K
61
Mark StevieCartsale
Problem 16.3, page 294GeneralFinance
Securityinterest GFC
$5K
$4K
62
Mark StevieCartsale
Problem 16.3, page 294GeneralFinance
Securityinterest GFC
$5K
Is Stevie a BFP?$4K
63
Mark StevieCartsale
Problem 16.3, page 294GeneralFinance
Securityinterest GFC
$5K
Is Stevie a BFP?Can GFC take his cart? $4K
64
GeneralFinance
Mark StevieCartsale
Problem 16.3, page 294
Securityinterest GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
Is Stevie a BFP?Can GFC take his cart? $4K
65
GeneralFinance
Mark StevieCartsale
Problem 16.3, page 294
Securityinterest GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
Is Stevie a BFP?Can GFC take his cart? $4K
66
GeneralFinance
Mark StevieCartsale
Problem 16.3, page 294
Securityinterest GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
Is Stevie a BFP?Can GFC take his cart? $4K
67
GeneralFinance
Mark StevieCartsale
Problem 16.3, page 294
Securityinterest GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
Is Stevie a BFP?Can GFC take his cart? $4K
68
GeneralFinance
Mark StevieCartsale
Problem 16.3, page 294
Securityinterest
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
What do we tell Stevie?
69
GeneralFinance
Mark StevieCartsale
Problem 16.3, page 294
Securityinterest
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
What do we tell Stevie?Is GFC’s conduct “virtually fraudulent?”
70
GeneralFinance
Mark StevieCartsale
Problem 16.3, page 294
Securityinterest
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
What do we tell Stevie?Is GFC’s conduct “virtually fraudulent?”
What is the relevance of other GFC cases?
71
LehmanBrothers
First Alliance
Homeowners
Predatoryloans
Problem 16.3, page 294
Securityinterest
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
72
LehmanBrothers
First Alliance
Homeowners
Predatoryloans
Problem 16.3, page 294
Securityinterest
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
Ninth Circuit, 2006: Lehman Brothers may have “aided and abetted” the First Alliance fraud.
73
Problem 16.3, page 294
§9-315(a). A security interest . . . continues in collateral notwith-standing sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
th Circuit, 2006: Le General Finance may have “aided and abetted” Mark’s fraud.
GeneralFinance
Mark StevieCartsale
Securityinterest
74
Which filing system?
§9-109(a)§9-310(a)
Real property system
UCCfiling system
Federal filing systems
§9-311(a)
State certificateof title systems
§9-310(b)(3)
(1)
(2)
§9-501(a)(1)
§9-501(a)(2)
Security interests in “personal property or fixtures”
75
a. Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b. Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
Problem 16.4, page 295
76Assignment
a. Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b. Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
Problem 16.4, page 295
Wolfson SheepsonPTO Issuance
77
Securityinterest
a. Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b. Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
Problem 16.4, page 295
Wolfson SheepsonPTO
Bank2 Bank1
AssignmentIssuance
Securityinterest
78
Securityinterest
a. Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b. Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
Problem 16.4, page 295
Wolfson SheepsonPTO
Bank2 Bank1
AssignmentIssuance
Securityinterest
Shouldn’t the system have required all filings in the PTO?
79
a. Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b. Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
c. Nyl Ikcupol’s royalties?
Problem 16.4, page 295
80
a. Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b. Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
c. Nyl Ikcupol’s royalties? Accounts? Copyright receivables?
Problem 16.4, page 295
81
a. Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b. Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
c. Nyl Ikcupol’s royalties? Accounts? Copyright receivables?
Broadcast Music v. Hirsch, page 290. File in UCC records. Shouldn’t we take the copyrights as collateral?
Problem 16.4, page 295
82
d. Where do we file on the Indiana auto dealer’s auto inventory? § 9-311(a)(2) and (d); 9-501(a)(2)
Secretary of State, UCC
Dealer’s autos not for sale? § 9-311(a)(2)
Secretary of State, Division of Motor Vehicles
Dealer’s accounts from sale of automobiles? §9-501(a)(2)
Secretary of State, UCC
Dealer’s trademark? Note 14, page 290
Secretary of State, UCC
Problem 16.4, page 295
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84
85
Aneta Ferguson, The Trademark Filing Trap, 49 Idea 197 (2009)
86
Aneta Ferguson, The Trademark Filing Trap, 49 Idea 197 (2009)
87
Aneta Ferguson, The Trademark Filing Trap, 49 Idea 197 (2009)
88
Aneta Ferguson, The Trademark Filing Trap, 49 Idea 197 (2009)
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90
Problem 16.5, page 295
Search File
File Search
Disburse
Disburse
We represent a bank, taking security interests. If first to file wins, should we search first or file first?
91
Problem 16.5, page 295
Search File
File Search
Disburse
DisburseCompetingFiling 2
CompetingFiling 2
We represent a bank, taking security interests. If first to file wins, should we search first or file first? Is this filing a problem?
92
Problem 16.5, page 295
Search File
File Search
Disburse
DisburseCompetingFiling 2
CompetingFiling 2
We represent a bank, taking security interests. If first to file wins, should we search first or file first? Is this filing a problem?
93
Problem 16.5, page 295
File Search Disburse
We represent a bank, taking security interests. If first to file wins, should we search first or file first? Is this filing a problem?
Answer:
1. File first.
2. Search through the date of filing.
3. If the search results show the filing to be first, disburse.
CompetingFiling 2
CompetingFiling 3
CompetingFiling 1
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