UCC Article 9 Update on Searching and Filing: Lessons Learned Under Amended Rules, Best Practices for Secured Lenders
Recording of a 90-minute CLE webinar with Q&A
Conducted on Thursday, February 23, 2017
Recorded event now available
This CLE webinar will brief commercial finance attorneys on the 2010 UCC Article 9 amendments and outline best practices for secured lenders regarding filing and searching methods under the amended rules. The program will also address recent case law developments since the amendments became effective.
The amendments to the UCC Article 9 secured lending rules, which have now been adopted in all states and the District of Columbia, made certain changes to filing procedures and searching methods.
Key changes included clarification of the debtor’s name to be provided on a financing statement, especially for individuals, an expanded definition of “registered organization,” clarification of filing rules for trusts, greater protection for after-acquired assets if the debtor changes location or merges, and modification of the national form of financing statement.
In light of these amendments, UCC practitioners must be aware of the potential pitfalls arising from the revised procedures and exercise due diligence to ensure that security interests are properly perfected and priority protected.
Listen as our authoritative panel of attorneys discusses the key provisions of the UCC Article 9 secured lending rules, focusing on changes in filing procedures, searching methods and due diligence practices. The panel will discuss recent case law developments and outline best practices for lenders operating under the amended rules.
- Key changes in the 2010 Article 9 amendments
- Filing procedures
- Filing rules for trusts
- Searching methods
- Debtor’s name
- Change in debtor’s location or merger
- National forms
- New York non-uniform provisions
- Recent case law developments
- Pitfalls and traps for the unwary
- Due diligence practices for secured lenders
The panel will review these and other key issues:
- What were the key changes in the UCC Article 9 amended rules related to searching and filing?
- What are some of the lessons learned from operating under the amended rules and what issues have been the subject of litigation?
- How are UCC practitioners managing their search, filing and monitoring responsibilities after the amendments?
Edwin E. Smith, Partner
Morgan, Lewis & Bockius,
New York and Boston
Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies, and international transactions. He is particularly knowledgeable on commercial law and insolvency matters, both domestic and cross-border. His representations have included those in major bankruptcies including Lehman and the City of Detroit. Mr. Smith often advises financial institutions on documentation and risk management issues.
Steven O. Weise, Partner
Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.
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