What is perfection in the context of secured transactions?

Asked about 1 year ago - 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)

  1. Lisa G. Godfrey

    Contributor Level 2

    1

    Lawyer agrees

    Answered . 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.

  2. Bruce E. Burdick

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . 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... more
  3. Pamela Koslyn

    Contributor Level 20

    1

    Lawyer agrees

    Answered . 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... more

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