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GottaPassCPA
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Joined: 04 Jan 2009
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Posted: 03 Oct 2009 at 21:40 \| IP Logged

Becker question #01631 says automatic perfection does not apply when a
significant portion of A/R is pledged. Anybody finds this contradicting with
other questions on this same topic?

I thought A/R can also be automatically perfected.

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ms500
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Posted: 03 Oct 2009 at 22:36 \| IP Logged

as A/R comes under intangibles category, therefore, A/R has to be perfected by filing only

thanks

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sumeetjsm
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Posted: 04 Oct 2009 at 16:24 \| IP Logged

ms500 explained precisely. but to sum up the rest of perfection

goods tangible- perfected by possession

consumer goods by mere attachment, perfection is automatic

Proceeds- get 20 days of temporary perfection

Invetment property- perfected by control

If perfected debtor moves to other state- creditor gets 4 months of extention to file in that state

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Sumeet Shah

CPAINNJ
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Posted: 04 Oct 2009 at 22:08 \| IP Logged

Proceeds- get 20 days of temporary perfection

Could u explain the above line

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Weycomas
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Posted: 05 Oct 2009 at 00:18 \| IP Logged

GottaPassCPA wrote:

If a company uses A/R as collateral, it is automatically perfected as long as it is an insignificant amount (maybe 5%, use the rule of reason). 90% is a significant amount, which changes the rules of the game, so proper filing with the state must be done.

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