法学外文文献翻译--担保交易(编辑修改稿)

法学外文文献翻译--担保交易(编辑修改稿)内容摘要：

ned. It is now presumed that proceeds are always covered by the financing statement. However, not all states have accepted this change. The sufficiency of the description of the collateral has sometimes been challenged in litigation. It is therefore advisable to description as specific as possible. It is also advisable to avoid attaching separate documents to the financing statement. The statute says that minor errors in a financing statement will be overlooked if they are not seriously misleading. This has led to conflicting decisions in cases where an error occurred in the description of the name of the debtor. The description misleading of it impedes a searcherif, for instance, a debtor corporation is listed under the name of its division. The rules for filing a financing statement vary in different states. Generally local filing in the county of the debtor’s residence or business and central filing in the state capital are required. A financing statement loses its effect five years after filing. However, a continuation statement may be filed, which extends the effectiveness for an additional five year period. There is no limit to the number of continuation statements that may be filed. Additional filings are made when collateral is released or the entire security agreement is terminated. An assignment of the security agreement may also be filed. If a debt is paid, a diligent debtor will see to it that the public records so indicate. The term,“ proceeds”, includes whatever is received when collateral is sold, exchanged, collected, or otherwise disposed of. Typical proceed are accounts receivable are collected. A secured creditor is entitled to a security interest in the proceeds, even if that is not expressly stated in the security agreement. That raises the question whether the debtor is automatically authorized to sell the collateral. An Illinois court concluded that such automatic authorization does not exist. Logic, as well as the realities of the market place, would seem to lead to the opposite conclusion. If the secured creditor does not wish the debtor to sell the collateral, it is best to so provide in the security agreement. Under the original version of UCC Article 9, it is doubtful whether the proceeds of insurance constitute proceeds of lost or damaged collateral. There are court rulings to the effect that insurance proceeds do not qualify. The 1974 version of Article 9 now provides that such insurance proceeds are covered by the security agreement. What is the situation if a dissatisfied customer returns the goods to the seller? Clearly, the returned goods are not proceeds. And yet, the financier has a legitimate interest in the goods. The rights of the financier in such a situation are regulated by statute (UCC Section ). One of the primary purposes of UCC Article 9 was to insure certainty in the procedure for creating security interest, by clearly establishing priority among conflicting interests in the same collateral. The basic rule is that priority accorded to the creditor who files first. There are qualification of this basic rule, as , for example, in the case of purchase money security interest, which generally have priority even over prior secured creditors. Financing This is one of the most important areas of secured transactions. But it is hardly of great interest to one who is doing business with the . For that reason, it will be given only passing mention. The characteristic of inventory is that it changes frequently. The debtor must have freedom to dispose of the inventory, and to transfer unencumbered title to a bona fide purchaser. The secured creditor will be satisfied with having a security interest in the resulting accounts receivable (proceeds). He will allow the debtor to keep the accounts receivable, and to use the collected funds to buy or produce new inventory, to which the security interest will attach. That is the concept of the socalled “floating lien”. The security party obtains and retains a security interest in constantly changing collateral. A field warehouse is a device whereby a debtor fences off an area of his own premises in which he stores property that serves as collateral for a loan. An employee is installed as warehouseman. He is authorized to release collateral if adequate substitution is made. Floor planning manufactur。