nnのCPA試験の旅 in Hawaii CPA試験の旅 in Hawaii

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by nn_77
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タグ:Attachment ( 1 ) タグの人気記事

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

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!

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