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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Banking and Finance

Date & Time
  • event Date

    Thursday, October 17, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will discuss the problem of fraudulent Uniform Commercial Code (UCC) filings. The panel will explore the various types and tactics of fraudulent UCC filings, the businesses and individuals most frequently targeted by fraudulent filers, the impact of fraudulent UCC filing activity, and what remedies may be available to victims.

Faculty

Paul Hodnefield
Associate General Counsel
Corporation Service Company

Mr. Hodnefield is a frequent speaker on Revised Article 9 search and filing issues who has written several articles and white papers on the subject that have been published in The Secured Lender, NPRRA Record, as well as in CSCFlashTM. Mr. Hodnefield is an active participant in the International Association of Commercial Administrators (IACA) Secured Transactions Section and formerly served on the Board of Directors of the National Public Records Research Association. In addition to his role at CSC, Mr. Hodnefield has served as an adjunct professor at the University of Minnesota Law School, where he taught courses on public records and business ethics. Prior to joining CSC, he was President of US Corporate Services, a national UCC service provider.

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Rebecca Longfellow
Director of Business Services & Deputy Assistant Secretary of State
Office of the Ohio Secretary of State

Ms. Longfellow oversees business entities, commercial liens, trademarks, notaries public, authentications, minster licenses, special police commissions, and service of process for the Ohio Secretary of State Business Services Division. She served as the Director of Business Services and Associate General Counsel for the Indiana Secretary of State for Secretaries Diego Morales, Holli Sullivan, Connie Lawson and Sue Anne Gilroy. Following her service to the Gilroy administration, Ms. Longfellow served as a subject matter expert and legal counsel on technology projects for the Oklahoma and California Secretary of State offices.

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Description

Filing a UCC-1 financing statement is the most common method to perfect a security interest and makes the security interest enforceable against the rights of third-party claimants. However, a UCC-1 financing statement can also be used to harass, intimidate, and defraud. These fraudulent UCC filings can cause significant issues for a business when attempting to enter into a secured transaction and are especially concerning when used to target an individual.

UCC Article 9 contains some remedies for the victims of unauthorized or fraudulent filings. These remedies include the filing a UCC-5 Information Statement to alert the public that an alleged security interest is not legitimate. Also, a debtor can become authorized to file a UCC-3 Termination Statement after satisfying certain statutory requirements. Finally, there are also penalties for noncompliance available under Article 9. A number of states, however, have found these remedies alone insufficient to deal with the problem and have enacted non-uniform pre-filing, post-filing, and criminal remedies for fraudulent UCC filing.

Listen as our authoritative panel discusses fraudulent or unauthorized UCC filings and provides guidance for minimizing the risk of an unauthorized filing and steps for pursuing remedies when a fraudulent filing has occurred.

Outline

  1. UCC filing system: introduction and overview
  2. Fraudulent UCC filing types, targets, and tactics
  3. Impact of a fraudulent UCC filing
  4. Article 9 remedies for a fraudulent UCC filing
  5. Non-uniform state fraudulent UCC filing remedies

Benefits

The panel will review these and other important considerations:

  • Who has the authority under UCC Article 9 to file a UCC-1 financing statement?
  • What are common fraudulent or unauthorized UCC filing actions?
  • What Article 9 remedies are available when a fraudulent UCC filing has occurred?
  • What non-uniform state remedies may be available?
  • How can parties protect themselves against fraudulent UCC filing risks?