Get It Filed
The “new and improved” UCC has been law for just over
a year now, but the newness of it all still causes some uncertainty.
In many ways, filing is easier than before, but there are several
things that should be added to your checklist to ensure that your
filing will not be rejected by the filing office. In that any one
of these things could lead to rejection in a given situation, they
are of equal importance:
1. List the social security and/or tax identification numbers for
all debtors.
2. The Central Notice (CNS) filing must be signed by both debtor
and secured party.
3. The initial filing must provide the name and mailing address
of the debtor or secured party.
4. If the debtor is an organization your filing must indicate these
things: (1) type of organization, (2) jurisdiction (state of origin)
of organization, and (3) organizational number (system ID number),
if any.
5. A continuation must be filed within the six-month period before
expiration.
6. An amendment must contain the complete number of the initial
filing.
7. An amendment, continuation, or termination must be sent to the
office of the initial filing – in North Dakota amendments
must be filed in the same filing office as the initial filing.
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Still
Waiting for the Bankruptcy Reform Act
This newsletter has contained articles about the pending bankruptcy
reform bill, prematurely it now appears because we have waited in
vain for its arrival. Both the House and the Senate approved bankruptcy
legislation but interested parties have delayed it for several years.
President Bush has indicated he would sign it, but he may have to
wait yet another year if Republican and Democratic negotiators can't
resolve an abortion-related provision in the near future.
Senate Democrats want to add a provision to keep people who attack
or block access to abortion clinics from declaring bankruptcy to avoid
paying court-ordered fines. The provision was targeted directly at
abortion protesters, but through negotiation with Senate Republicans
it was changed to harassing, intimidating, or threatening anyone providing
or trying to obtain “lawful goods or services.” However,
House Republicans never included that provision in their bankruptcy
bill and have been trying to get the Senate sponsor of the provision
to modify it again. The issue has yet to be resolved
Supporters of bankruptcy legislation say stricter rules are needed
immediately to stop abuse of
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