Recently, two federal courts issued decisions defining the detail needed in collateral descriptions in financing statements. This is significant because if the collateral description is not sufficient ...

Last year, the U.S. Bankruptcy Court for the Central District of Illinois determined in In re I80 Equipment, LLC that a financing statement which referenced a description of the collateral, but did ...

Because the financing statements identified the individual debtor with his middle name abbreviated, the court concluded that the financing statements were defective and, therefore, that the lender's ...

Under the Uniform Commercial Code (UCC), a secured party can perfect its lien on certain of a debtor's assets by the filing of a UCC-1 financing statement. However, Section 9-509 of the UCC provides ...

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Andrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer. Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society ...