PERFECTION

PERFECTION

perfection. Validation of a security interest as against other creditors, usu. by filing a statement with some public office or by taking possession of the collateral. Cf. ATTACHMENT(4). [Cases: Secured Transactions 81¨C96, 138¨C145. C.J.S. Secured Transactions ¡ì¡ì 3, 50¨C51, 53¨C77, 88, 90¨C102, 105¨C107, 118.]

automatic perfection. The self-operative perfection of a purchase-money security interest without filing or without possession of the collateral. ? The security interest is perfected simply by the attachment of the security interest, without any additional steps. See purchase-money security interest under SECURITY INTEREST. [Cases: Secured Transactions 83, 146. C.J.S. Secured Transactions ¡ì¡ì 10, 55, 103¨C105.]

temporary perfection. The continuous perfection of a security interest for a limited period. ? For example, a security interest in proceeds from the original collateral is perfected for ten days after the debtor receives the proceeds; the interest will become unperfected after this ten-day period unless certain statutory requirements are met. On most instruments, a secured party who advances new value under a written security agreement obtains a 21-day perfection period, even if the secured party does not file a financing statement and the collateral remains with the debtor. UCC ¡ì 9-312. [Cases: Secured Transactions 135, 168. C.J.S. Secured Transactions ¡ì¡ì 52, 119¨C124.]


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