January 2007

Each month, we will update this Industry News section with a quick look at important legislative changes affecting UCC filing.

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January State Office Holiday Schedule:
Day:
1st New Year's Day (Observed)
State:
All States

Day:
2nd Day after New Year's Day
State:
MI, VA

Day:
12th Lee-Jackson Day
State:
VA

Day:
15th Martin Luther King, Jr.'s Birthday
State:
All States

Day:
16th Inauguration Day
State:
PA
UCC News:

Virginia – In In Re: Tyringham Holdings, Inc. (The Official Committee of Unsecured Creditors for Tryingham Holdings, Inc. v. Suna Bros. Inc.) CN 06-32385-DOT, APN 06-03142-DOT (USBC E.D. Va. 12/1/06), Suna filed a financing statement with the Virginia State Corporation Commission (SCC) and listed the debtor's name as “Tyringham Holdings”. The debtor was a Virginia corporation listed on the SCC's records as “Tyringham Holdings Inc.” An official UCC search certified by the SCC under the name “Tyringham Holdings Inc.” did not reveal the Suna financing statement. Therefore, according to the Bankruptcy Court, because the only search which used the correct name under the standard search logic employed by the SCC did not disclose the financing statement, the financing statement was seriously misleading and insufficient to perfect Suna's security interest.

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