Legal Question in Business Law in California
Hello, I have a qustion about UCC filing. If a creditor places a blanket UCC filing on a holding company, then it automatically applies to its affiliates or subsidiaries even though the creditor didn't put any UCC filings on them separately?
2 Answers from Attorneys
California Commercial Code section 9503 provides that although a financing statement may provide the name of more than one debtor, a financing statement sufficiently provides the name of the debtor only if it does so in accordance with the following rules: If the debtor is a registered organization, only if the financing statement provides the name of the debtor indicated on the public record of the debtor's jurisdiction of organization which shows the debtor to have been organized. I am assuming that your "affiliates" and "subsidiaries" are separate registered organizations, and, if unnamed as stated above, would not be subject to the filing. Depending upon the description of the collateral, the holding company's ownership interests in these organizations might be subject to the filing.
Related Questions & Answers
-
I would like to protect my ideas when presenting them to business partners and... Asked 5/18/11, 11:20 am in United States California Business Law
-
I have been contacted by someone that says they have a Trademark by the name... Asked 5/18/11, 8:39 am in United States California Business Law