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UCC Trivia Quiz: Test Your Knowledge!

By: Despina Shields, COGENCY GLOBAL INC. on Thu, Nov 17, 2016
UCC trivia.jpg Since past quizzes on our blog have been so well received, we developed a new UCC quiz to challenge you. Most of these questions should be pretty easy for seasoned veterans who have a lot of experience filing UCCs nationwide. And those of you with less experience will probably learn a few things that you didn’t previously know. So test your knowledge and see how well you do!

1. How many state level filing offices offer UCC filing via XML (Extensible Markup Language) through high volume business-to-business (B2B) UCC filing service providers?

  1. Zero. This is not the primary protocol used by state level UCC filing offices.
  2. Up to 12 state level filing offices.
  3. Up to 25 state level filing offices.
  4. All state filing offices offer UCC XML filing.
  5. None of the above.

2. How many state level UCC filing offices offer to send UCC acknowledgement images to UCC filers via a text message?

  1. Two. But more states are enabling this feature for those UCC filers that are interested.
  2. Five. And five more are considering this feature. 
  3. Ten. And the other forty states have stated they will not authorize this feature.
  4. Zero. No state level filing office offers this service.
  5. None of the above.

3. Which organization promulgates and maintains the national UCC model forms?

  1. IACA (International Association of Commercial Administrators)
  2. NPRRA (National Public Records Research Association)
  3. INTA (International Trademark Association)
  4. PRIA (Property Records Industry Association)
  5. NASS (National Association of Secretaries of State)

4. The Model Administrative Rules for UCC transactions are often referred to as:

  1. MODS
  2. MARS
  3. MAR9
  4. MOOPS
  5. MARCUS

5. In what year was the requirement for signatures eliminated from financing statements?

  1. 2000
  2. 2001
  3. 2005
  4. 2010
  5. 2013

6. What is the date of the most current version of the national UCC1 and UCC3 model forms?

  1. 7/1/2008
  2. 7/10/2010
  3. 4/20/2011
  4. 7/19/2012
  5. None of the above.

7. Which national form is currently used in the majority of states when someone would like to address an inaccurate UCC record?

  1. UCC11 (Information Request)
  2. UCC5 (Information Statement)
  3. UCC5 (Correction Statement)
  4. Affidavit of Wrongfully Filed Record
  5. None of the above. There is no form that the majority of state level filing offices accept for this purpose.

8. Which of the following is NOT an authorized reason for rejection of a UCC financing statement by the filing office?

  1. A UCC1 that does not provide a mailing address for the debtor and/or secured party.
  2. A UCC3 continuation statement that is not submitted within the six-month continuation window.
  3. A UCC that is submitted via a medium that has not been previously approved by the filing office.
  4. The debtor name is misspelled.
  5. None of the above.

9. In what years did the last two significant amendments to Article 9 of the UCC become effective?

  1. 1998 and 2001
  2. 2001 and 2010
  3. 2005 and 2013
  4. 2001 and 2013
  5. None of the above.

10. What are the three elements of a sufficient UCC Financing Statement as defined in Article 9 of the UCC, Section 9-502?

  1. Provides the name of the debtor; provides the name of the secured party or a representative of the secured party; and indicates the collateral covered by the financing statement.
  2. Provides the name and address of the debtor; provides the name and address of the secured party or a representative of the secured party; and indicates the collateral covered by the financing statement.
  3. Provides the name of the debtor; provides the address of the debtor, provides the name of the secured party or a representative of the secured party.
  4. Provides the name of the debtor; provides the name of the secured party; provides the name of the filing office.
  5. Provides the name of the debtor; provides the name of the secured party and, if the debtor is an individual, provides the picture from the debtor’s driver’s license.

Extra Credit: Most states provide for a 30-year effective period for financing statements filed in connection with Manufactured Home transactions. Which state’s Article 9 statute provides for a 40-year effective period for these types of filings?

  1. Georgia
  2. Kansas
  3. West Virginia
  4. New Mexico
  5. Florida

 

If you have any questions or comments concerning the content of this blog post, feel free to contact the author directly at dshields@cogencyglobal.com.  You can also visit the UCC Article 9 Filing and Searching Info page of our website for a variety of helpful Article 9 resources.

ANSWERS:  (1) c,  (2) d,  (3) a,  (4) b,  (5) b, (6) c,  (7) b,  (8) d,  (9) d,  (10) a,  (11) c

 

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