UCC Expert’s Corner: Court Finds Restated Collateral Amendment Left Secured Party Unperfected

January 12, 2012

By Paul Hodnefield, Associate General Counsel for CSC

Secured parties occasionally need to amend the collateral description on a filed financing statement. The UCC amendment form and its electronic-filing equivalent offer various checkboxes for the filer to indicate the intended type of collateral amendment. Checking the wrong box can lead to harsh, unintended consequences for the secured party.