This seminar helps participants understand the intricacies of a complex law. We cover one of the most litigated subjects, the legal entity of a debtor. Participants will be able to differentiate between a group of people and a partnership. They will also understand legally defined terms, i.e., when equipment is really inventory and when inventory is in reality a farm product. They will understand the three requirements to obtain a lien and the difference between obtaining a lien vs. perfection of a lien. We also cover priority rules so a lender knows when and when not to pursue a purchase-money security interest. We also discuss why using the phrase "including but not limited to" in a collateral description may cause problems.

What We Cover to Make Sure You're Covered

• Most common mistakes made by loan officers and assistants in servicing loans
• Why it is important to understand and use UCC terms: When can a cow or horse be equipment and not a farm product?
• How you can finance the purchase of equipment and still not have a purchase money security interest special priority
• The new problem in perfecting a lien on a CD that many states may experience because of their adoption of Article 3
• Why it is vital, when taking a security interest in tangible goods, to know its primary use
• UCC laws applicable to your state - including any changes through the last legislature
• Why the attachment of a security interest is more important than the step of perfection
• Why a detailed collateral description could cause more problems than it solves
• Why the debtor and not just the owner should sign the security agreement
• The complex rules of priority made easy
• Ill-advised action of most documentation systems that could cause problems, and how to tweak their system to avoid potential costly litigation

Upcoming Programs (Click on date to see flyer)