Taking Security Interests in Personal Property: Here's how and when to Do it "This Action Guide is written from the perspective of counsel for the secured party. It tells you what to do to perfect a security interest that will give your client priority over other creditors. It assists you in selecting the appropriate method of perfection and takes you through the steps to perfect a security interest in the particular type of collateral that secures your client's loan, from computer software to fixtures. It also covers searches, preparation of a security agreement, continuation statements, and amendments. This Action Guide addresses practice under revised Article 9 of the Commercial Code that became effective on July 1, 2001. It assumes that revised Article 9 has been adopted in all states relevant to a particular transaction. If a debtor resides in or collateral is located in another state, it will be necessary to determine whether that state has adopted revised Article 9. If not, the laws of that state must be consulted, especially for perfection and filing issues. Parties : the grantor of the security interest is referred to as the "debtor." The grantee is referred to as the "secured party."--Scope of guide, t.p. verso |
