The Secured Party Must Be A Fiction?

by | May 7, 2024 | 2008, Q&A | 0 comments

Q When completing a UCC/PPSA Financing Statement (FS)
keep in mind that the Secured Party (SP) must be a
fiction/Strawman because only fictions can function in
commerce. So the SP claims the Strawman Debtor (SD).
Then the SD signs over to the SP, for which you, the
living soul, are the agent, everything it owns via a
private contract called a Security Agreement (SA).
A:I have a problem with the above statement - typically
or normally that is the government line in regard to
the filing, the inherent problem if that is the case is
how can your SP as a strawman file against itself the
strawman. Make sense? It is true however that you need
a SA to do a filing otherwise you would not have a
legal justification to do so.

Morbi in sem quis dui placerat ornare.

Pellentesque odio nisi, euismod in, pharetra a, ultricies in, diam. Sed arcu. Cras consequat.

Subscription Form

Related Posts.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *