Ask Reggi Your Question Now
Can you summarize Chapter 4 ?
Secured Transactions; Sales of Accounts and Chattel Paper > Filing
Short Summary
The provided legal document content covers various aspects related to the filing, duration, and effect of filing financing statements, termination of security interests, assignment or transfer of security interests, and the process of filing various types of statements related to financing transactions. It specifies that the proper place to file in order to perfect a security interest is with the Department of Revenue and Taxation. The document outlines the requirements for a financing statement to be considered sufficient, including the names of the debtor and secured party, signatures, addresses, and a statement indicating the types or description of collateral. It also covers the amendment process for financing statements and the inclusion of specific types of collateral. The document emphasizes the importance of accurately describing collateral and provides a sample form for compliance. It states that a filed financing statement is effective for five years, but it can be extended by filing a continuation statement. The document also governs the termination of security interests, specifying that a termination statement must be sent by the secured party of record to the debtor upon written demand. Failure to send the termination statement within 10 days may result in liability and potential penalties. The document further covers the assignment or transfer of a security interest in collateral for which a financing statement has been filed, outlining the requirements for filing a statement of assignment and the accompanying filing fee. It clarifies that filings must be signed by the secured party of record and provides exceptions for certain types of filings. Additionally, the document governs the process of filing various types of statements related to financing transactions, including the duties of the filing officer and the issuance of certificates. It also mentions the option to record financing statements and related papers instead of filing them. The documents apply to creditors, debtors, secured parties, and filing officers involved in financing transactions. No specific exemptions are mentioned.
Whom does it apply to?
Creditors, debtors, secured parties, filing officers
What does it govern?
Filing, duration, and effect of filing financing statements; termination of security interests; assignment or transfer of security interests; process of filing various types of statements related to financing transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Failure to send a termination statement within 10 days after proper demand may result in liability to the debtor for actual damages suffered. If the failure is in bad faith, a penalty of $100 may be imposed.
Jurisdiction
Guam