Security Interest Definition Without Perfection
Description
How to fill out Assignment Of Interest Of Seller In A Security Agreement?
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FAQ
Not unlike a certificated security, a security interest in uncertificated securities can be perfected two ways: (1) by properly filing a UCC-1 financing statement or (2) by control.
Purchase-Money Security Interest (?PMSI?): A security interest that arises when a seller or creditor extends credit for part or all of the purchase price of goods purchased by the buyer/debtor. Except in certain cases (e.g., automobiles), a PMSI is automatically perfected at the time of the credit sale.
There are five ways a creditor may perfect a security interest: (1) by filing a financing statement, (2) by taking or retaining possession of the collateral, (3) by taking control of the collateral, (4) by taking control temporarily as specified by the UCC, or (5) by taking control automatically.
Security interests for most types of collateral are usually perfected by filing a document simply called a "financing statement." You'll usually file this form with the secretary of state or other public office.
Your failure to perfect a security interest may result in a secured creditor with a blanket lien or a bankruptcy trustee or debtor-in-possession obtaining title to your property.