Secured Transactions: Lapse, Continuation, and Termination of Security Interests Podcast
The topic of this podcast is how a secured creditor goes about maintaining a perfected security interest in order to prevail against others who might claim the same collateral. This topic primarily requires a careful reading of UCC §§ 9-513 and 9-515 and a basic understanding of how a secured party attaches and perfects its security interest in the first place. The basic concepts associated with this podcast are: priority, perfection, lapse, termination, and continuation. Familiarity with these concepts will help you to understand what actions a secured creditor should and sometimes must take to maintain perfection of a security interest. At the conclusion of this podcast, you should be able to (1) describe the basic process of maintaining perfection of a security interest, including the requirements for filing a termination of a financing statement where required; and (2) describe why a secured creditor must make each of these filings.