| Abstrakt: |
There is no free lunch. The ease with which U.C.C. Article 9 permits the filing of financing statements, while tremendously facilitative of legitimate transactions, is a factor in the occasional filing of "bogus" financing statements unrelated to any legitimate transaction. While bogus filings, like all unauthorized filings, have no legal effect, their practical implications can include real-world inconvenience and other harm to putative debtors. U.C.C. Article 9 includes provisions that can be used to address bogus filings. A number of states have adopted additional provisions, whether by way of non-uniform amendment to their enactments of U.C.C. Article 9 or elsewhere. Many involve the exercise of judgment by filing office personnel, and assume that a legitimate filing erroneously rejected or removed as bogus can be restored to effectiveness as fully as though no erroneous rejection or removal had occurred. It isn't that simple. [ABSTRACT FROM AUTHOR] |
