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What is perfection in the context of secured transactions?

Charlotte, NC |

What is perfection in the context of secured transactions? How can something perfected be more perfect than something else that is perfected?

Attorney Answers 3

Posted

Perfected in that context means recorded officially. Something can be more perfected by being officially recorded first before someone attempts to (or actually does) "perfect" (officially record) a contrary thing.

I am not your lawyer and you are not my client. Free advice here is without recourse and any reliance thereupon is at your sole risk. This is done without compensation as a free public service. I am licensed in IL, MO, TX and I am a Reg. Pat. Atty. so advice in any other jurisdiction is strictly general advice and should be confirmed with an attorney licensed in that jurisdiction.

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Posted

Also not an intellectual property question that needs to be re-categorized, with another confused asker including the kitchen sink of keywords for their question.

Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.

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5 comments

Kenneth Love Jr.

Kenneth Love Jr.

Posted

Ms. Koslyn, this is a homework question. That's why you see all the tags.

Pamela Koslyn

Pamela Koslyn

Posted

What do all the tags have to do with homework?

Kenneth Love Jr.

Kenneth Love Jr.

Posted

A student that had no idea under what heading to post it as secured transactions is not an option

Pamela Koslyn

Pamela Koslyn

Posted

I'm sure that's true. The thing is, a whole lot of adults asking questions on this site have no idea what heading to use, and more then you'd believe use e.g."buy-sell agreement" and "debt agreement" for contracts that are completely unrelated to those things.

Kenneth Love Jr.

Kenneth Love Jr.

Posted

Agreed. Admittedly I am making an assumption based on the very general nature of the question; most people with a genuine contracts problem isn't asking about perfection...heck I don't think I fully understood it until after law school. Add to that the location of the question with other very general questions such as "what is consideration" and the same questions from the same location on other free sites.

Posted

Perfection in the contexxt of a secured transaction is the legal step necessary to make the security interest in the collateral enforcable. For most collateral other than real estate, perfection refers to filing a UCC-1 form with the Secretary of State for the state in which teh collateral is located. This is a public fililng showing that can be searched on line. That prevents the debtor from selling the collateral without first paying off her debt.

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