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Fraudulent UCC Filings: Types, Tactics, Impact, Remedies, Minimizing Risks

A live 90-minute premium CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Thursday, October 17, 2024

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, September 20, 2024

or call 1-800-926-7926
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This CLE webinar will discuss the problem of fraudulent Uniform Commercial Code (UCC) filings. The panel will explore the various types and tactics of fraudulent UCC filings, the businesses and individuals most frequently targeted by fraudulent filers, the impact of fraudulent UCC filing activity, and what remedies may be available to victims.

Description

Filing a UCC-1 financing statement is the most common method to perfect a security interest and makes the security interest enforceable against the rights of third-party claimants. However, a UCC-1 financing statement can also be used to harass, intimidate, and defraud. These fraudulent UCC filings can cause significant issues for a business when attempting to enter into a secured transaction and are especially concerning when used to target an individual.

UCC Article 9 contains some remedies for the victims of unauthorized or fraudulent filings. These remedies include the filing a UCC-5 Information Statement to alert the public that an alleged security interest is not legitimate. Also, a debtor can become authorized to file a UCC-3 Termination Statement after satisfying certain statutory requirements. Finally, there are also penalties for noncompliance available under Article 9. A number of states, however, have found these remedies alone insufficient to deal with the problem and have enacted non-uniform pre-filing, post-filing, and criminal remedies for fraudulent UCC filing.

Listen as our authoritative panel discusses fraudulent or unauthorized UCC filings and provides guidance for minimizing the risk of an unauthorized filing and steps for pursuing remedies when a fraudulent filing has occurred.

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Outline

  1. UCC filing system: introduction and overview
  2. Fraudulent UCC filing types, targets, and tactics
  3. Impact of a fraudulent UCC filing
  4. Article 9 remedies for a fraudulent UCC filing
  5. Non-uniform state fraudulent UCC filing remedies

Benefits

The panel will review these and other important considerations:

  • Who has the authority under UCC Article 9 to file a UCC-1 financing statement?
  • What are common fraudulent or unauthorized UCC filing actions?
  • What Article 9 remedies are available when a fraudulent UCC filing has occurred?
  • What non-uniform state remedies may be available?
  • How can parties protect themselves against fraudulent UCC filing risks?

Faculty

Hodnefield, Paul
Paul Hodnefield
Associate General Counsel
Corporation Service Company

Mr. Hodnefield is a frequent speaker on Revised Article 9 search and filing issues who has written several articles and...  |  Read More

Rebecca Longfellow
Rebecca Longfellow
Director of Business Services & Deputy Assistant Secretary of State
Office of the Ohio Secretary of State

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 |  Read More
Attend on October 17

Early Discount (through 09/20/24)

Cannot Attend October 17?

Early Discount (through 09/20/24)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

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