UCC3 Financing Amendment and Termination Statements: Avoiding Loss of Lien Perfection or Priority
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will brief counsel on the proper use of UCC3 financing amendment and termination statements, identify potential pitfalls that can result in the lender's loss of secured interest or priority of lien, and offer best practices for secured parties to avoid unnecessary risks and costly mistakes.
Outline
- Amendments: when are they required, when are they not necessary?
- Terminations: what circumstances require a secured party to file a termination statement?
- Continuations and assignments: what scenarios do these statements cover?
- Common pitfalls and correcting mistakes in UCC3 financing statements
Benefits
The panel will review these and other relevant issues:
- When are amendments to UCC financing statements required, and when are they not necessary?
- What circumstances require a secured lender to file a termination statement?
- What are the most common pitfalls in filing UCC3 financing statements, and how and when can lenders correct mistakes?
Faculty
Jason I. Miller
Member
Otterbourg
Mr. Miller concentrates his practice in the area of commercial finance, with a particular focus on asset-based and... | Read More
Mr. Miller concentrates his practice in the area of commercial finance, with a particular focus on asset-based and cash-flow financing. He represents many leading institutional lenders in a wide array of areas, including cash flow lending and asset-based financing, acquisition financing, split collateral, first lien/second lien and mezzanine financing, loan syndications and participations, loan restructurings and workouts, and debtor-in-possession financing. He authored the article, 'Loss Payee’ v. ‘Lender Loss Payee’: How the Difference of One Word Can Prevent a Secured Lender’s Recovery on Insurance Proceeds.
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Jeffrey A. Wurst
Partner
Armstrong Teasdale
Mr. Wurst has more than 30 years of experience and is well recognized for handling significant commercial finance and... | Read More
Mr. Wurst has more than 30 years of experience and is well recognized for handling significant commercial finance and bankruptcy matters. He is an esteemed fellow of the American College of Commercial Finance Lawyers and is a panelist on the American Arbitration Association’s National Roster of Arbitrators. Mr. Wurst has significant expertise in asset-based lending, factoring, and all other areas of commercial finance, bankruptcy matters, workouts and turnaround situations. He is actively involved in the documentation of commercial finance and leasing transactions, as well as litigation that may arise out of or in connection with such transactions.
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