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UCC 1 and 3: Understanding Securities Intermediaries

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22 Questions

What type of characters might cause issues when copying text online?

Punctuation marks and special characters

What is the purpose of checking the 'held in trust' checkbox?

To ensure the document is accepted

What is the significance of the register mail number in the miscellaneous section?

It's a reference number for the proxy

Why is it necessary to assign the document to Janet Yellen?

Because she is the Secretary of the Treasury

What is the purpose of the UCC-3 form?

To assign a document to Janet Yellen

What happens if you don't check the 'held in trust' checkbox?

The document will be rejected

What is the purpose of creating a proxy or alias?

To register a unique name in the system

What is the main topic of discussion in this conversation?

UCC 1 and 3

What is the significance of choosing a different address for the proxy?

To make it look like the proxy and debtor are not one in the same

What should be exact in the collateral list?

The information copied from the commercial security agreement

What is the advantage of filing a UCC-1 online?

You know right away if it's been approved or not

What should be removed from the collateral list?

Sensitive numbers such as EINs or VINs

What is recommended to use when filling out a UCC-1 filing statement?

Trust name and phone number

What is the purpose of registering a male number?

To have a unique identifier for the proxy

What is the purpose of getting a phone number for your trust name?

To use for business purposes

What is the significance of using a physical address of the post office?

To provide a physical address for the secured party's name

What is the context of Brenda's expertise in this conversation?

She has walked several people through the process of doing their UCC-1 and UCC-3

Why is it suggested not to use a PO box number?

It's not a physical address

What is the first step in the UCC-1 filing process, according to the conversation?

Using your account name and phone number

What is the purpose of including the registration number on the birth certificate?

To provide evidence of the debtor's identity

Why is it important to keep the debtor's address and the proxy's address separate?

To make it look like the proxy and debtor are not one in the same

What is the significance of the given name in the acknowledgement?

It's the first and middle name

Study Notes

  • When filing a UCC-1 online, ensure the text is clean and free of special characters that may cause issues.
  • Check the box to hold the filing in a trust, as this is a crucial step.
  • Include the register mail number from the proxy in the miscellaneous section.
  • Assigning to Janet Yellen, the Secretary of the Treasury, is done through the UCC-3.
  • The UCC-1 filing statement requires an account name and phone number, which can be obtained through a trust account.
  • The first filing is done with a proxy name, which is a made-up name that is not in the system.
  • The proxy name is used as the secured party's name and should be unique, with a registered mail number.
  • The address used for the proxy should be different from the individual's personal address.
  • It's recommended to use a physical address instead of a PO box number when getting a post office box.
  • The acknowledgement section requires the given name, address, and debtor name, which should match the birth certificate exactly.
  • The debtor name should include the registration number from the birth certificate.
  • The collateral section should include the same information as the commercial security agreement, with sensitive numbers removed or redacted.
  • Only include the last four numbers of sensitive information, such as EINs or VINs, to prevent identity theft.

Learn about UCC 1 and 3 and how to assign the role of securities intermediaries. This quiz covers the process of doing UCC 1 and 3, and what it looks like to assign somebody. Get expert insights from Brenda and Jennifer.

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