Securing Collateral Part 3: Legal & Compliance Issues in Obtaining Priority in Collateral, Including Purchase Money Security Interests
Tuesday, May 16, 2017
9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
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.
Continuing Education: Attendance verification for CE credits upon request
- 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 create a purchase money security interest with super priority
- What are the UCC Article 9 requirements?
- Common mistakes
- TAKE-AWAY TOOLKIT
- Checklist to obtain a purchase money security interest, including sample forms for notices that must be given to other creditors
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
PARTS 1 & 2 STILL AVAILABLE!"Securing Collateral Part 1:
Form UCC-1 – Initial Filing & Perfection of Security Interests"
Wednesday, March 22, 2017
|"Securing Collateral Part 2:
Form UCC-3 & Amending, Continuing, or Terminating Security Interests"
Thursday, April 27, 2017
WHO SHOULD ATTEND?
This informative session will benefit all loan officers, loan operations staff, credit administration personnel, managers, collectors, compliance personnel, auditors, attorneys, and others involved in the credit process.
PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.