CORPORATE TRANSACTIONS & COMPLIANCE BLOG

Dusting Off the Ol’ UCC Brain Cells

By: Despina Shields, COGENCY GLOBAL INC. on Thu, Sep 20, 2018

Back to (UCC) School - Test your UCC ken with this quiz.Vacations are likely over, the Labor Day holiday weekend is a distant memory and schools are back in session.

Even if school days are well behind you, it can’t hurt to brush up on some UCC Article 9 fun facts and see how your knowledge held up through the long sunny days of summer.

Challenge yourself with the quiz below and see how ready you are to tackle your next UCC project in this often non-uniform UCC world.

(We don’t expect you to score ten out of ten. We know — it was a long summer!)

Quiz

Question 1

Which state has a ten-year period of lien instead of five years for UCC financing statements?

  1. Maryland
  2. Tennessee
  3. Wyoming
  4. Arizona
  5. Utah

Question 2

Which state(s) require(s) a full social security number when the debtor is an individual?

  1. North Dakota and South Dakota
  2. North Dakota
  3. South Dakota
  4. New York (because they use the old UCC form)
  5. Montana

Question 3

In which state may a fine be levied if the secured party fails to notify the debtor of a filed financing statement?

  1. West Virginia
  2. Virginia
  3. Indiana
  4. Vermont
  5. Maine
Question 4

Which Secretary of State office is likely to reject your UCC financing statement if a party name includes a tilde (~) over a letter?

  1. Idaho
  2. Oregon
  3. Nevada
  4. Washington
  5. New Mexico

Question 5

Which of the following collateral types cannot be secured by the filing of a financing statement?
  1. Patents
  2. Trademarks
  3. Trademarks and Servicemarks
  4. Copyrights
  5. Fixtures

Question 6

Which state’s search logic does not disregard spaces in the entity name as described in the MARS (Model Administrative Rules) search logic?

  1. Indiana
  2. Wisconsin
  3. Michigan
  4. Ohio
  5. All of the above.

Question 7

Within Article 9 of the UCC, which of the following is considered a public organic record?

  1. Information obtained from the public library
  2. Certified short form good standing
  3. Certified long form good standing
  4. Articles of Incorporation and any amendments
  5. Certificate of Merger

Question 8 

In which state, when filing online, must you include evidence that you are an authorized representative of the SP making the filing?

  1. New Jersey
  2. Maine
  3. Montana
  4. Florida
  5. None of the above.

Question 9

A UCC5 was originally called a Correction Statement, then changed to a Statement of Claim, and is now referred to as which of the following?

  1. Information Statement
  2. Information Notice
  3. Informal Amendment
  4. Information Declaration
  5. Roll-Your-Own Statement

Question 10

In which state are you able to consult a U.S. passport for the legal name of an individual debtor?

  1. Montana
  2. Delaware
  3. Colorado
  4. Colorado and Delaware
  5. No state prescribes the use of a U.S. passport to verify the legal name of an individual debtor.

 

Answers: 1) c, 2) a, 3) c, 4) c, 5) d, 6) b, 7) d, 8) e, 9) a, 10) e.

So, how did you do??

 

If you’re a NYC-based legal or financial professional and want to refresh your memory about UCC searching and learn why you should also be doing IP due diligence, sign up for our free 1-hour CLE seminar on October 3rd.

 

This article is provided for informational purposes only and should not be considered, or relied upon, as legal advice.

Topics: Article 9 Filing, Searching and Due Diligence, UCC