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- Title
"THE TWAIN SHALL MEET": A REAL PROPERTY APPROACH TO ARTICLE 9 PERFECTION.
- Authors
HILL, PATRICK H.
- Abstract
In an era of boundless access to information, a group of rogue citizens is waging an antigovernment war of attrition. Trading firearms for securities documents, the Sovereign Citizens are wreaking havoc on a system designed to foster justice for all. By manipulating the infirm process of securing credit, these domestic terrorists threaten to topple the American legal and economic systems. The ability to secure debt is essential to the health and growth of a modern global economy. As the contours of lending transactions become increasingly complex, commercial law must adapt to address the mounting problem of fraudulent filings. Article 9 of the Uniform Commercial Code facilitates the creation of security interests in personal property. The American Law Institute and the National Conference of Commissioners of Uniform State Laws on occasion revisit and amend the Uniform Commercial Code to ensure its continued effectiveness. The drafters must turn their attention to the infirmities of Article 9 of the Uniform Commercial Code. While Article 9 allows creditors to perfect their interests in personal property with ease, its prescribed methods have proven vulnerable to abuse. The instrument perfecting a creditor's rights in collateral requires no authentication, and Secretaries of State retain no discretion to invalidate even facially fraudulent filings. The Sovereign Citizens have seized upon this weakness in Article 9. Their campaign of paper terrorism has devastating consequences for the victims, necessitating an amendment to the Uniform Commercial Code.
- Subjects
UNITED States; PERFECTION of security interests; REAL property; UNIFORM Commercial Code; CITIZEN attitudes; COLLATERAL security; UNIFORM state laws; DEBTOR &; creditor; NATIONAL Conference of Commissioners on Uniform State Laws; U.S. states; LAW
- Publication
Emory Law Journal, 2015, Vol 64, Issue 4, p1103
- ISSN
0094-4076
- Publication type
Article