Legal Question in Banking Law in New Jersey
Assignments of UCC filings
Are secured parties required to file assignments of record when a UCC and the underlying security interest have been transferred to a third party
Asked on 11/05/07, 9:08 am
1 Answer from Attorneys
John Corbett
Corbett Law Firm LLC
Re: Assignments of UCC filings
As a matter of good practice, the new secured party will record the assignment at the time of renewal or before. However, if this is not done, it does not affect the lien. A problem only arises when a third party without notice of the assignment pays the original secured party by mistake and that party fails to account for the fund to the assignee.
See also: http://info.corbettlaw.net/lawguru.htm
Answered on 11/05/07, 1:15 pm
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