The Personal Property Filing
Systems
1

The Big Picture
Part One: The Creditor-Debtor Relationship
Creditor Debtor
2

The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party Relationship
Creditor Seller
Creditor Debtor
PMSI
Buyer
Tax lien 3

The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party Relationship
Chapter 6: Perfection
Creditor Seller
Creditor Debtor
PMSI
Buyer
Tax lien 4

The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party Relationship
Chapter 6: Perfection
Chapter 7: Maintaining Perfection
Creditor Seller
Creditor Debtor
PMSI
Buyer
Tax lien 5

The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party Relationship
Chapter 6: Perfection
Chapter 7: Maintaining Perfection
Chapter 8: The Concept of Priority
Creditor Seller
Creditor Debtor
PMSI
Buyer
Tax lien 6

The Big Picture
Part One: The Creditor-Debtor Relationship
Part Two: The Creditor-Third Party Relationship
Chapter 6: Perfection
Chapter 7: Maintaining Perfection
Chapter 8: The Concept of Priority
Chapter 9: Particular Priority Contests
Creditor Seller
Creditor Debtor
PMSI
Buyer
Tax lien 7

Priority: The Basic Idea
The right to be paid in full in preference to others.
8

Priority: The Basic Idea
The right to be paid in full in preference to others.
Example 1:
2nd
1st
9

Priority: The Basic Idea
The right to be paid in full in preference to others.
Example 1: 1 st gets all available value
2nd
1st
10

Priority: The Basic Idea
The right to be paid in full in preference to others.
Example 1: 1 st gets all available value
Example 2:
2nd
1st
11

Priority: The Basic Idea
The right to be paid in full in preference to others.
Example 1: 1 st gets all available value
Example 2: 1 st is paid in full; 2 nd gets the remainder
2nd
1st
12

Priority: The Basic Idea
The right to be paid in full in preference to others.
Example 1: 1 st gets all available value
Example 2: 1 st is paid in full; 2 nd gets the remainder
Example 3:
2nd
1st
13

Priority: The Basic Idea
The right to be paid in full in preference to others.
Example 1: 1 st gets all available value
Example 2: 1 st is paid in full; 2 nd gets the remainder
Example 3: 1 st and 2 nd are paid in full
2nd
1st
14

Priority: Who gets it?
General rule: The first to attach and perfect a security interest has priority
Perfection: Public notice given by a proper method
Rationale:
First’s treatment is fair because debtor agreed to it
Later’s treatment is fair because they knew about first
Rejected rules:
Distribution based on status (wages, taxes, child support, etc., bankruptcy; government bailout $)
The right to trace value given (Louisiana vendor’s lien; statutory liens, author’s manuscript)
15

Methods of Perfection
1. Filing
2. Possession
3. Control
4. Automatic perfection
5. Levy
16

For most collateral, a
Secured Party can perfect multiple ways:
Secured party
Or
I’m first,
Filer
Filer
To whom it may concern: I’m first,
Filer
-- Filer
17

For most collateral, a
Secured Party can perfect multiple ways
Secured party
Or
I’m first,
Filer
Filer
To whom it may concern: I’m first,
Filer
-- Filer
And
The searcher must look for both.
Searcher
18

http://countyclerk.oklahomacounty.org/registrar-ofdeeds/rod-search http://www.azsos.gov/scripts/ucc_search.dll
http://corp.sec.state.ma.us/corp/psearch/default.asp
19

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
20

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
21

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
22

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
23

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
24

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (proposed)
25

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (international aircraft)
26

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington)
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (international aircraft)
27
Designation as loss payee on a policy of insurance

The problem: Thousands of filing systems
Real estate and fixture filing systems in each of 3,000 counties
UCC filing system in each of 50 states
Automobile title filing system in each of 50 states
Mobile home title filing systems in many states
Boat title filing systems in many states
Alcoholic beverage license filing systems in Florida, etc.
Patent filing system (Washington)
Trademark filing system (Washington) that system
Copyright filing system (Washington)
Ship mortgage filing system (Coast Guard)
Aircraft filing system (Oklahoma City)
Railroad stock filing system
UNCITRAL mobile goods filing system (internationalaircraft)
28
Designation as a loss payee on a policy of insurance

Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
29

Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b)
(possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
30

Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b)
(possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
§9-310(b). A financing statement is not necessary to perfect a security interest . . . in property subject to a statute, regulation, or treaty described in §9-311(a)
31

Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b)
(possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
§9-310(b). A financing statement is not necessary to perfect a security interest . . . in property subject to a statute, regulation, or treaty described in §9-311(a)
§9-311(a). [T]he filing of a financing statement is not necessary or effective to perfect a security interest in property subject to
(1) A statute ... of the United States [that] preempts §9-310(a)
32

Which filing system?
§9-109(a). This article applies to a transaction . . . that creates a security interest in personal property or fixtures by contract
§9-310(a). Except as otherwise provided in subsection (b)
(possession, control, automatic perfection) . . . a financing statement must be filed to perfect all security interests
§9-310(b). A financing statement is not necessary to perfect a security interest . . . in property subject to a statute, regulation, or treaty described in §9-311(a)
§9-311(a). [T]he filing of a financing statement is not necessary or effective to perfect a security interest in property subject to
(1) A statute ... of the United States [that] preempts §9-310(a)
(2) [A certificate of title statute of this state]
33

Which filing system?
§9-501(a). [I]f the local law of this State governs perfection of a security interest . . . the office in which to file a financing statement . . . is:
(1) the office designated for the filing of a mortgage . . . if the financing statement is filed as a fixture filing
34

Which filing system?
§9-501(a). [I]f the local law of this State governs perfection of a security interest . . . the office in which to file a financing statement . . . is:
(1) the office designated for the filing of a mortgage . . . if the financing statement is filed as a fixture filing
(2) the office of the Secretary of State in all other cases
. . .
35

Which filing system?
§9-109(a)
§9-310(a)
36

Which filing system?
§9-109(a)
§9-310(a)
§9-501(a)(1)
Real property system
37

Which filing system?
§9-109(a)
§9-310(a)
§9-501(a)(1)
Real property system
§9-501(a)(2)
UCC filing system
38

Which filing system?
§9-109(a)
§9-310(a)
§9-310(b)(3)
§9-501(a)(1)
Real property system
§9-311(a)
§9-501(a)(2)
UCC filing system
39

Which filing system?
§9-109(a)
§9-310(a)
§9-310(b)(3)
§9-501(a)(1)
Real property system
Federal filing systems
(1)
§9-311(a)
§9-501(a)(2)
UCC filing system
40

Which filing system?
§9-109(a)
§9-310(a)
§9-310(b)(3)
§9-501(a)(1)
Real property system
Federal filing systems
(1)
§9-311(a)
(2)
§9-501(a)(2)
UCC filing system
State certificate of title systems
41

Problem 16.1, page 293
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Auto
50

Problem 16.1, page 293
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
Auto
51

Problem 16.1, page 293
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a.
Where does Felicia stand?
Auto
52

Problem 16.1, page 293
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a.
Where does Felicia stand?
Subordinate, not yet perfected.
Felicia
$36k Bernie
Auto
53

Problem 16.1, page 293
$30k Felicia
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
$36k Bernie a.
Where does Felicia stand?
Subordinate, not yet perfected.
b.
Can she go ahead with the levy? §9-
401.
Auto
54

Problem 16.1, page 293
$30k Felicia
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
$36k Bernie a.
Where does Felicia stand?
Subordinate, not yet perfected.
b.
Can she go ahead with the levy? §9-
401. What will happen if she does?
55

Problem 16.1, page 293
$30k Felicia
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
$36k Bernie a.
Where does Felicia stand?
Subordinate, not yet perfected.
b.
Can she go ahead with the levy? §9-
401. What will happen if she does?
Bernie has priority. §9-317(a)(2)
56

Problem 16.1, page 293
Leonard owes our client, Felicia, $30k for alimony and child support. Felicia has a judgment.
30k
Leonard owes Bernie $36k for money loaned. Leonard gives Bernie a perfected security interest.
a.
Where does Felicia stand?
Subordinate, not yet perfected.
b.
Can she go ahead with the levy? §9-
401. What will happen if she does?
Bernie has priority. §9-317(a)(2) d.
Before either has a lien, why should
Leonard get to decide who gets paid?
Auto
57

Problem 16.1, page 293
Contract: “The priority of a secured creditor over other financial creditors can be justified on the grounds that non-secured creditors grant a loan knowing that some assets are subject to security interests or could be subjected to security interests without their permission. If particular creditors will not tolerate other creditors having security interests in the borrower’s assets, they can refuse to make a loan or make it only if the borrower agrees not to subject its assets to any security interests.” Leebron
58

Problem 16.1, page 293
Property: “It seems clear enough that security interests, under Article 9 and real estate law alike, are interests in property. The legal regime for security interests reflects property law functionally as well as doctrinally. We believe it follows that the law should honor the transfer or retention of security interests on the same normative grounds on which it respects the alienation of property generally.”
Harris & Mooney
59

Mark
Problem 16.3, page 294
$4K
Cart sale
Stevie
60

General
Finance
Security interest
Mark
Problem 16.3, page 294
$4K
Cart sale
Stevie
GFC
$5K
61

General
Finance
Security interest
Mark
Problem 16.3, page 294
Is Stevie a BFP?
$4K
Cart sale
Stevie
GFC
$5K
62

General
Finance
Security interest
Mark
Problem 16.3, page 294
Is Stevie a BFP?
Can GFC take his cart?
$4K
Cart sale
Stevie
GFC
$5K
63

General
Finance
Security interest
Mark
Problem 16.3, page 294
Is Stevie a BFP?
Can GFC take his cart?
$4K
Cart sale
Stevie
GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
64

General
Finance
Security interest
Mark
Problem 16.3, page 294
Is Stevie a BFP?
Can GFC take his cart?
$4K
Cart sale
Stevie
GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
65

General
Finance
Security interest
Mark
Problem 16.3, page 294
Is Stevie a BFP?
Can GFC take his cart?
$4K
Cart sale
Stevie
GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
66

General
Finance
Security interest
Mark
Problem 16.3, page 294
Is Stevie a BFP?
Can GFC take his cart?
$4K
Cart sale
Stevie
GFC
$5K
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
67

General
Finance
Security interest
Mark
Problem 16.3, page 294
What do we tell Stevie?
Cart sale
Stevie
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
68

General
Finance
Security interest
Mark
Problem 16.3, page 294
What do we tell Stevie?
Is GFC’s conduct “virtually fraudulent?”
Cart sale
Stevie
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
69

General
Finance
Security interest
Mark
Problem 16.3, page 294
What do we tell Stevie?
Is GFC’s conduct “virtually fraudulent?”
Cart sale
Stevie
What is the relevance of other GFC cases?
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
70

Lehman
Brothers
Problem 16.3, page 294
Security interest
First
Alliance
Predatory loans
Home owners
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
71

Lehman
Brothers
Security interest
First
Alliance
Problem 16.3, page 294
Ninth Circuit, 2006: Lehman Brothers may have
“aided and abetted” the First Alliance fraud.
Predatory loans
Home owners
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
72

General
Finance
Security interest
Mark
Problem 16.3, page 294 th Circuit, 2006: Le General Finance may have
“aided and abetted” Mark’s fraud.
Cart sale
Stevie
§9-315(a). A security interest . . . continues in collateral notwithstanding sale unless the secured party authorized the disposition free of the security interest . . .
§9-201(a). [A] security agreement is effective according to its terms . . . against purchasers of the collateral . . . .
§1-103(b) Unless displaced by [particular UCC provisions] the principles of law and equity . . . supplement [UCC] provisions.
§1-304. Every contract or duty within [the UCC] imposes an obligation of good faith in its performance and enforcement.
73

Which filing system?
Security interests in “personal property or fixtures”
§9-109(a)
§9-310(a)
§9-501(a)(1)
§9-310(b)(3)
Real property system
Federal filing systems
(1)
§9-311(a)
(2)
§9-501(a)(2)
UCC filing system
State certificate of title systems
74

Problem 16.4, page 295 a.
Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b.
Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
75

Problem 16.4, page 295 a.
Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b.
Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
PTO
Issuance
Wolfson
Assignment
Sheepson 76

Problem 16.4, page 295 a.
Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b.
Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
PTO
Issuance
Bank2
Security interest
Wolfson
Assignment
Bank1
Security interest
Sheepson 77

Problem 16.4, page 295 a.
Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b.
Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
Shouldn’t the system have required all filings in the PTO?
PTO
Issuance
Bank2
Security interest
Wolfson
Assignment
Bank1
Security interest
Sheepson 78

Problem 16.4, page 295 a.
Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b.
Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
c.
Nyl Ikcupol’s royalties?
79

Problem 16.4, page 295 a.
Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b.
Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that? c.
Nyl Ikcupol’s royalties? Accounts? Copyright receivables?
80

Problem 16.4, page 295 a.
Where do we file on Keith Pipes’ tools? §9-109, 9-501(2).
UCC filing system
Where do we search?
b.
Bernie Wolfson’s patent? §9-109(c)(1); 9-311(a)(1)
UCC filing system (Cybernetic)
Where do we search?
If Wolfson sold the patent to Sheepson, and Sheepson granted a security interest, how would we discover that?
c.
Nyl Ikcupol’s royalties? Accounts? Copyright receivables?
Broadcast Music v. Hirsch, page 290. File in UCC records. Shouldn’t we take the copyrights as collateral?
81

Problem 16.4, page 295 d.
Where do we file on the Indiana auto dealer’s auto inventory? § 9-311(a)(2) and (d); 9-501(a)(2)
Secretary of State, UCC
Dealer’s autos not for sale? § 9-311(a)(2)
Secretary of State, Division of Motor Vehicles
Dealer’s accounts from sale of automobiles? §9-
501(a)(2)
Secretary of State, UCC
Dealer’s trademark? Note 14, page 290
Secretary of State, UCC
82

83

84

85

Aneta Ferguson, The Trademark Filing Trap,
49 Idea 197 (2009)
86

Aneta Ferguson, The Trademark Filing Trap,
49 Idea 197 (2009)
87

Aneta Ferguson, The Trademark Filing Trap,
49 Idea 197 (2009)
88

Aneta Ferguson, The Trademark Filing Trap,
49 Idea 197 (2009)
89

Problem 16.5, page 295
We represent a bank, taking security interests. If first to file wins, should we search first or file first?
File
Search Disburse
Search File Disburse
90

Problem 16.5, page 295
We represent a bank, taking security interests. If first to file wins, should we search first or file first? Is this filing a problem?
File
Competing
Filing 2
Search Disburse
Search Competing
Filing 2
File Disburse
91

Problem 16.5, page 295
We represent a bank, taking security interests. If first to file wins, should we search first or file first? Is this filing a problem?
File
Competing
Filing 2
Search Disburse
Search Competing
Filing 2
File Disburse
92

Problem 16.5, page 295
We represent a bank, taking security interests. If first to file wins, should we search first or file first? Is this filing a problem?
Competing
Filing 1
File
Competing
Filing 2
Search
Competing
Disburse
Filing 3
Answer:
1. File first.
2. Search through the date of filing.
3. If the search results show the filing to be first, disburse.
93