Facilitator Guide
Security Interests and Perfection
Facilitator Guide
Security Interests and Perfection
- Topic
- Commercial Lending
- Duration
- Format
- Remote or in person
What’s Covered
- Voluntary vs. involuntary liens
- Creating a security interest
- Attachment under Article 9
- Perfection under the UCC
- Lien priority
- Perfection outside the UCC
- UCC-1 financing statements
- UCC-3 post-filing actions
Before the Session
Prepare the Attendees
Send the attendees an invitation for the session. Include this link, which has the videos and exercise they’ll need to prepare.
https://www.hotshotlegal.com/trainings/security-interests-and-perfection/attendee
Prepare Yourself
Watch the videos and read the exercise so you’re familiar with the Hotshot material.
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Course
Security Interests and Perfection
A look at security interests, including different types of collateral, how security interests are created through attachment, the perfection process, and lien priority. This course also includes an introduction to Article 9 of the UCC.
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Course
A look at filing under the UCC, including a close look at a UCC-1 financing statement. This course also covers extension, modification, and termination of a financing statement by filing a UCC-3.
During the Session
- What is a security interest? What are some other terms for a security interest?
- What’s the difference between a voluntary lien and an involuntary lien? Are secured loan transactions voluntary or involuntary?
- Under Article 9, what are the three requirements for attachment?
- What are the four ways to perfect a security interest under Article 9?
- What is the first-in-time rule? What are the exceptions to the rule?
- With which types of assets do you need to look outside the UCC for the rules on attachment and perfection?
- What must be included in a financing statement for it to be considered “sufficient” under Article 9?
- Does the debtor need to sign a financing statement to authorize its financing?
- Why do lenders sometimes file a UCC-3 when they assign or transfer a loan and security interest to another lender?
- Anecdotes and war stories (e.g., about a near-disaster or a tough negotiation)
- General practice tips (dos and don’ts)
- Firm-specific guidance and practices
After the Session
About Hotshot
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