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Requisition for PERFECTION

Today I reviewed the requisition for PERFECTION (one of the USCPA exam topics).

The difference between ATTACHMENT & PERFECTION is important, which knowledge was vital when I was working in a credit control section in a bank.

I was in a section where my role is to watch the procedures taken by a team called SERVICER, whose mission is to collect bad loans and increase the share of the secured loan credit in the non-performing loan. Sometimes I prevented them from lending an additional fund for the working capital without perfecting the collateral by mistake, which happened when they made a poor scheduling with a judicial scrivener or when they took a careless proceeding in a stupid hasty.

As a matter of exam topic, secured interests on collateral get perfected when

(1) Filing a financial statement, or
(2) the collateral is in the possession of the secured party, or
(3) it was perfected upon ATTACHMENT


QUESTIONS:
a) Name the two possible cases of Automatic PERFECTION
b) When does such an automatic PERFECTION above get denied?

For answers, click the "More" below!

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[PR]
by nn_77 | 2005-10-25 21:00 | >REG | Comments(0)