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MYERS v. FARMERS & MERCHANTS BANK et al.
46605.
JORDAN, Presiding Judge.
Priority of lien. Cook Superior Court. Before Judge Lott.
A financing statement must be filed to perfect a security interest, subject to certain exceptions. Code 109A-9--302, as amended. The formal requisites of the financing statement include no provision for a witness. Code 109A-9--402, as amended. These provisions supersede Chapters 67-1, 67-11, 67-13 and 67-14 of the Code, relating to mortgages, etc., to the extent in conflict therewith. Code 109A-10-103.2.
"What is required to be filed is not, as under chattel mortgage and conditional sales acts, the security agreement itself, but only a simple notice which may be filed before the security attaches or thereafter." Comments on the Uniform Commercial Code, The American Law Institute and National Conference of Commissioners on Uniform State Laws, 1962 Official Text with Comments, p. 703. "This Section 9-402 departs from the requirements of many chattel mortgage statutes that the instrument filed be acknowledged or witnessed or accompanied by affidavits of good faith. Those requirements do not seem to have been successful as a deterrent to fraud; their principal effect has been to penalize good faith mortgagees who have inadvertently failed to comply with the statutory niceties. They are here abandoned in the interest of a simplified and workable filing system." Op. cit., p. 704.
Virgil D. Griffis, for appellees.
Edward Parrish, for appellant.
SUBMITTED OCTOBER 6, 1971 -- DECIDED NOVEMBER 12, 1971 -- REHEARING DENIED NOVEMBER 30, 1971 -- CERT. APPLIED FOR.
Friday May 22 16:06 EDT


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