re ucc and related

Folks, I gotta tell you. I'm surely not the sharpest knife in the drawer, but I'm beyond the intelligence of a rock.& But every time I start looking into, and reading about, UCC filings, etc, etc, something in my brain just shuts down.


Can someone--just briefly--take this process from the very beginning and try to 'splain it to me?


Ohhh. My brain hurts....


edit: I don't mean the "theory" as much as the "how-to's." Who's the "debtor," the "secured party," etc? After it's filed, then what? That sort of stuff. Sorry to be so obtuse. It's just one of those topics that hasn't "clicked," yet.


Thanks.


Randy

[Ice]

Well, lets see if I can help just a bit.


Secured Party is the flesh and blood man, name spelled properly in upper and lower case.


Debtor is STRAWMAN, that shadow that follows you around, name spelled in all capital letters -- your "tradename/trademark".


Flesh and blood man liens STRAWMAN -- completely and then some.


The idea is to be "first in line". When people attempt to collect from the STRAWMAN,&they can't get theirs until you get yours.


Make any sense?


&

Mornin', Ice....


Yes, It helps very much.


So, in essence, you tell whomever (tax agents, etc) to "take a number and get in line," right?


And this statement is filed with at State level? Just home "state," or others? Those kinds of questions.


Again, thanks.


Randy

I'm gettin' there....


Started this morning by looking into VA Code re "payments of accounts receivable." That, as we all know, leads to this and that and on and on.


Wound up here:<FONT face=Arial size=2>


§ 2.2-4902.1. Pledges and security interests created by governmental units.


…the...enforcement of a security interest, lien or pledge created, made or granted by the Commonwealth or a governmental unit of the Commonwealth…to pay or secure any…obligations or other debt securities,…herein collectively called "bonds,"...indenture, financing agreement or similar instrument securing the bonds, herein called the "security interest." Property pledged or in which a security interest is created for the payment or security of any bonds, whether presently held by the governmental unit or as thereafter received by or otherwise credited to the governmental unit, shall immediately be subject to the lien of such pledge or security interest without any physical delivery, control, filing or further act. The lien of such pledge or security interest made or granted in the security instrument shall have priority over any other obligations or liabilities of the governmental unit, except as may be otherwise provided in the security instrument. &The lien of each such pledge or security interest shall be valid, binding and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the governmental unit regardless of whether such persons have notice of such pledge or security interest. <FONT face=Arial size=2>


(59) "Obligor" means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, (i) owes payment or other performance of the obligation, (ii) has provided property other than the collateral to secure payment or other performance of the obligation, or (iii) is otherwise accountable in whole or in part for payment or other performance of the obligation. The term does not include issuers or nominated persons under a letter of credit.


(72) "Secured party" means:


(A) a person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding; </FONT>


Me again...


Is this the beginning of the UCC procedure? I.E., "they" have the "secured interest" in an "unknown" (to me) claim, that I, by filing my& own "secured party" statement (?) "disqualify" because my "claim" takes priority over theirs?& Something like that?


Oh, this rabbit hole really does get deep, doesn't it?


Randy</FONT>