Financing Statement Rejection

[jaylon]

Recently I filed a financing statement in Pennsylvania and it was rejected for filing Debtor as a transmitting utility. I followed the instructions for filing per Cracking the Code 3rd Edition to the letter. Could it be that the clerk at the filing office is uneducated? I'm not quite sure what step to take next. On the financing statement I put Debtor's full name on 1b (individual), what I'm thinking is maybe it should go on 1a (organization). I called today and spoke with the clerk and she said that only electric companies are transmitting utilities and not individuals. Any feedback would be appreciated greatly.

[squirrel]

check your "states" ucc code, if it's like minnesota it will tell you that a transmitting utility is defined in the STATUTES, under minn statutes, it's sec 300.111 to 300.115 which tells ya it's a "person" or a "corporation" .

[2501]

Only electrical companies are "transmitting utilities". That's priceless. You couldn't write this stuff if you tried!!!


Maybe that's the 'off the record' expression that they use on the job to describe the ALL CAPS PERSON to subjects. Could that be what is meant by the Staute definitions squirrel posted?

...if it wasn't so serious.

Be sure to address this clerk when you find the statute, o.k.

Uneducated idiots, they are! They just show up for their gov. paychecks, but yet have no I.Q. what-so-ever.

I read sometime back that the judges in Michigan wive(s) each get automatic stocks and/or shares of the public utilities when a judge is placed into his so-called office.

[jaylon]

I appreciate all of the feedback from the forum. I have been researching long and hard and this site was the answers to everything for me!

Per CTC3 I filed a Financing Statement filled out as follows:

1b. STRAWMAN
1c. Strawman's Address

2b. Real Man
2c. In care of: Address

4.All of debtor’s assets, land, and personal property, and all of debtor’s interest in said assets, land, and personal property, now owned and hereafter acquired, now existing and hereafter arising, and wherever located, described fully in security Agreement No. [SA #] dated the [SA Date Spelled Out]. Inquiring parties may consult directly with the debtor for ascertaining, in detail, the financial relationship and contractual obligations associated with this commercial transaction, identified in security agreement referenced above. Adjustments of this filing record is in accord with UCC §§ 1-103, 1-104, and House Joint Resolution 192 of June 5, 1933. Secured Party accepts Debtor’s signature in accord with UCC §§ 1-201(39) 3-401.

9b. STRAWMAN

13. checked fixtured filing

18. checked Debtor is a tranmitting Utility

I'm researching the state code now to see if it allows for individuals and if it does I will use power to educate!!

[jaylon]

Pennsylvania Consolidated Statutes
UNIFORM COMMERCIAL CODE (TITLE 13)
DIVISION 9. SECURED TRANSACTIONS
CHAPTER 91. GENERAL PROVISIONS
SUBCHAPTER B. APPLICABILITY OF DIVISION
§ 9102. Definitions and index of definitions.
(a) Division 9 definitions

"Transmitting utility."
A person primarily engaged in the business of:

1.operating a railroad, subway, street railway or trolley bus;
2.transmitting communications electrically, electromagnetically or by light;
3.transmitting goods by pipeline or sewer; or
4.transmitting or producing and transmitting electricity, steam, gas or water.

[seeker]

.transmitting communications electrically

Like this board??

[jaylon]

I want to hurry up and get the statement filed, and this is holding the process up. I'm thinking I should just go ahead and file it without filing as a transmitting utility and then just amend it later.

[KITCHIE]

Just note in the comments area that the tradename is the transmitting utility.

Kitchie

[logos]

From what I gather CTC3's UCC1 fill-in instructions are outdated.
I filled out my UCC-1 per Barton Buhtz's instructions. Some differences between his and CTC3's instructions are as as follows:

Debtor is not an individual (box 1b)
1a: DOE, JOHN, ORGANIZATION/TRADE NAME/TRADE MARK - DEBTOR

STRAWMAN's birthplace:
1c: C/O HOSPITAL ADDRESS (country) USA

Organization type:
1e: DBA
1f: USA
3c: (country) uSA

4:------------------------------------------------------------------------
This is Actual and Constructive Notice that all of Debtor's interest now held or hereafter acquired is hereby accepted as collateral for securing contractual obligation in favor of Secured Party as detailed in a true, correct, complete, notarized Security Agreement in the possession of the Secured Party.

NOTICE: In accordance with various USC Sections - Property - This is the entry of the Debtor in the Commercial Registry as a transmitting utility and the following property is hereby registered in the same as public notice of a commercial transaction: Certificate of Birth document # 12345, Employer Identification # 111223333, CT Driver's License # 987654321, U.S. Passport # 123456789, UCC Contract Trust Accrual Account # RA 333 222 111 US; all property is accepted for value and is exempted from Levy.
Adjustment of this filing is from Public Policy HJR-192 Public Law 73-10 and UCC § 10-104.
All proceeds, products, accounts, fixtures and the orders therefrom are released to the Debtor.

DOE, JOHN, ORGANIZATION/TRADE NAME/TRADE MARK - DEBTOR
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8. (near right of page) Secured Party: <blank autograph space>