Question

What is perfection of a security interest? How may one perfect a security interest? Explain.

Do some quick internet research and find a case that deals with some aspect of a security interest under the UCC. Provide a brief summary of the facts of the case, and provide the court's analysis. Be sure to provide a reference.

Answer 1

perfected security interest is a security interest which has been accurately registered with the statutory body and which cannot be claimed by any other party in any case so perfection of security interest will be providing absolute security to the lender.

one can perfect the security interest by registering it with the appropriate authority and rejecting the subsequent claim on those assets by other parties.

in case of liquidation of an Indian company there was a case of perfection of security interest as the debt was secured with collateral Assets and it was affected with security interest in the party so other parties were also claiming on that similar asset so it went into litigation issues and it was decided that the party which has perfected the security interest will be ultimately held the ultimate party, who'll be paid.