« previous next »

Author Question: Explain the purpose of a UCC filing. Why is it important for the paralegal to be aware of this ... (Read 39 times)

future617RT

  • Hero Member
  • *****
  • Posts: 543
on: Aug 2, 2018
Explain the purpose of a UCC filing. Why is it important for the paralegal to be aware of this process?
 
  What will be an ideal response?

Question 2

State ethical codes prohibit an attorney from representing a new client whose interests are materially adverse to those of a former client if the new matter and the former matter are substantially related to each other. This is known as a
 
  A) Conflict of ethics
  B) Conflict of laws
  C) Conflicting viewpoints doctrine
  D) Conflict of interest


jazzlynnnnn

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Aug 2, 2018
Answer to Question 1

A Uniform Commercial Code (UCC) filing is often used by creditors to secure rights to collateral specified in secured financing agreements. The creditor files the agreement with the Secretary of State's office lender and thus puts the public on notice that the creditor has a legally recognized interest in the collateral until it is fully paid for; it also establishes the creditor's legal title in the assets if the debtor defaults.
UCC filings often appear in bankruptcy proceedings. Paralegals who work in law offices that represent creditors may prepare UCC filings. When representing debtors, it is often the job of the paralegal to review and summarize UCC, judgment, tax, and other lien searches for the attorney. Learning how to draft UCC filings and research the state's database is an important function of the paralegal. The paralegal should become familiar with the secretary of state's website in the jurisdiction where the paralegal is employed because each state has different forms, requirements, and search methods on its website.

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

ABO Blood Reactions Are Important in Transfusions ABO Blood Reactions Are Important in Transfusions
Rituals such as the sacrament of the Anointing of the Sick are important expressions of religious be Rituals such as the sacrament of the Anointing of the Sick are important expressions of religious be
This chart illustrates the “drip down” model of government. In this, politics is formed by the soc This chart illustrates the “drip down” model of government. In this, politics is formed by the soc
It is important for new employees to know the location of all fire extinguishers. (B) Aim low toward ... It is important for new employees to know the location of all fire extinguishers. (B) Aim low toward ...
Hydrolysis reactions for some biochemically important phosphate compounds (part 3) Hydrolysis reactions for some biochemically important phosphate compounds (part 3)
Red, fleshy fruits of hawthorn plants (Crataegus) are an important food for cedar waxwings (Bombycil Red, fleshy fruits of hawthorn plants (Crataegus) are an important food for cedar waxwings (Bombycil
Video: Sex-Linked Traits! How are eye colors inherited in fruit flies?

For a complete list of videos, visit our video library