Indiana’s version of the Uniform Commercial Code includes a provision not contained in the Ohio, Illinois or Kentucky versions of revised Article 9. This provision in Indiana relates to the delivery of the initial financing statement to the debtor. No later than thirty days after the financing statement is filed, the creditor must furnish a copy of the financing statement to the debtor. (more…)
Posts Tagged ‘Uniform Commercial Code’
Documenting Delivery of the Initial Financing Statement to the Debtor in Indiana
Tuesday, July 27th, 2010Membership Interests in an LLC – Perfecting a Security Interest
Wednesday, March 24th, 2010The Uniform Commercial Code provides for several methods by which a secured party can perfect a security interest in the membership interest of a limited liability company, particularly when such membership interest is uncertificated. (more…)
Quick Perfection of Purchase Money Security Interest
Monday, February 22nd, 2010A purchase money security interest transaction is virtually never susceptible to bankruptcy preference attack. An exception to this is where the bank has not perfected the security interest on or before twenty days after the debtor receives possession of the property constituting the collateral. (more…)
What is Marshalling?
Friday, August 28th, 2009Some of you may have heard your attorney talk about the “equitable doctrine of marshalling.” This doctrine is sometimes used when a senior creditor has a lien that covers two separate funds owned by a borrower. If a junior creditor has recourse as to only one of those funds, the senior creditor may be required to exhaust the fund that is not available to the junior creditor before going after the other fund. (more…)