BA 560 Assignment 7
Chapter 29
The purpose of the following exercises is to familiarize you with the Alabama Secretary of State website’s Services tab with respect to filing UCC documents. While your business’s attorney may be the person completing and filing the documents, it is helpful for you to know what is required. A general narrative is given on how to access the documents needed. Review the documents, and then, follow the directions for the exercise.
1. Go to
www.sos.alabama.gov
.
2. Click on Services at the top of the page; then click on UCC Services. Remember that a UCC-1is filed to record/perfect a security interest in collateral.)
3. Review this information and the information in the
UCC Brochure item in the middle of the page.
4. Click on UCC Downloads on the right side of the page.
5. Go to the middle of the page in the section titled “Initial Financing Statement Forms.” Click on the link for the last form in the section “National UCC Financing Statement (UCC1).
Exercise:
1.
Create a pretend UCC1 Filing Statement and attach to your answers to the questions in this assignment. Pretend your company is the creditor in the situation. Create both the debtor and creditor. Identify the collateral and provide a description.
2. Also, provide an explanation of why filing the UCC1 is important to your business. Identify the parties to the document, and the role each of the parties plays in the debtor/creditor relationship.
The Module 7 Assignment requires you to read the assigned scenarios in the Problems and Problem Cases at the end of the referenced chapter and write a response to the question(s) posed in the scenario. The length and complexity of your answer will be determined by the question asked in the scenario. However, please be sure to identify and discuss the issue raised in the question before answering the questions posed. It is important that you discuss fully the topic and the problem with your answer, using specific citations to the Uniform Commercial Code (UCC). In some instances, you can find the appropriate code section to support your answer in the textbook. However, you may need to reference the UCC for some of your citations; you can find the UCC by going to
www.law.cornell.edu/ucc
.
Please prepare your answers in Times New Roman 12 pt type, double spaced. Please
Chapter 32 = 1, 7
Chapter 33 – 3, 5
Chapter 34 – 4
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