Some creditors are given temporary perfection for collateral

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Some creditors are given temporary perfection for the collateral. For Example, a creditor is generally given four months to refile its financing statement in a state to which a debtor has relocated. During that four-month period, the interest of the creditor is temporarily perfected in the new state despite no filing of a financing statement in that state's public records. Most creditors' agreements provide that the failure of the debtor to notify the creditor of a move constitutes a default under the credit agreement. Creditors need to know of the move so that they can refile in the debtor's new state. Creditors enjoy a 20-day temporary perfection in negotiable instruments taken as collateral. Following the expiration of the 20-day period, measured from the time their security interest attaches, creditors must perfect in another way, such as by filing a financing statement or by possession explain.

Reference no: EM133809539

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