Filing System a. the Contractor: 1 copy of each report in an electronic version for 5 years from the date of the Works Contract completion,
Filing System. 1. The Central JMC shall establish and maintain a database on the Parties' locations and activities, local police positions, as well as records of meetings, valid memorandums, and the resolution of disputes.
Filing System. A. UNCITRAL Comparison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Filing System. The Article 9 filing system is considered a notice filing system; by filing a Financing Statement the creditor notifies the world that the creditor has a security interest in the collateral.38 Since UCC Article 9 37 See, UCC §9-501(b). 38 In most cases, a Financing Statement is filed to put the world on notice that a particular creditor has a security interest in something, the creditor is then considered a secured creditor. was revised, the filing aspect of security interests has become more simplified. The initial Financing Statement has a duration of five (5) years, however, Financing Statements filed in connection with a “public- finance transaction” or a “manufactured-home transaction,” Financing Statements are effective for thirty (30) years.39 Before the five (5) year term has elapsed the secured creditor may file a Continuation Statement to continue its security interest in the collateral. There are subsequent filings that can be made after the initial filing such as the Amendment, the Release or the Termination Statement. The drafters of the UCC have adopted a uniform Financing Statement with addendums as well as a uniform Termination Statement. Copies of these documents are included as part of the Appendix. The Financing Statement must contain certain key elements, including, the names and addresses of the debtor and the secured party. Here, the name of the debtor must be exact. In particular, if the debtor is a registered business organization, it must state the name of the debtor as is shown in the public records. The failure to properly name the debtor makes the Financing Statement seriously 39 See, UCC §9-515(b). misleading, causing the Financing Statement to lose its effectiveness. See, UCC §9-506(b). On this basis, it is important to obtain copies of the debtor’s organizational filings which show its exact name, as well as a certification from the borrower as to its exact name, address and principal place of business at the time the Security Agreement is signed. In many jurisdictions, registered entities, like corporations, are assigned organization numbers. The Financing Statement includes a space for such identifiers which should be used in jurisdictions where applicable. The Financing Statement must indicate the types or describe the items of collateral. Unlike the Security Agreement, a sufficient description of collateral may include “all personal property”, however, it is good practice to describe the collateral with as much specificit...
