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Aug 17, 2016
4:50:09pm
gwalker All-American
Post Bar Exam UCC Hypothetical (that might be real, but if I told you
I'd have to kill you):

Facts:

1. Failed Bank lends money to Borrower (before it fails).
2. Failed Bank files a UCC Financing Statement covering the collateral and naming the Borrower.
3. Failed Bank also records a Deed of Trust against the Borrower's property where the collateral is located.
4. Borrower repays loan in full.
5. Failed Bank reconveys Borrower's Deed of Trust.
6. Failed Bank, in all the excitement of failing, doesn't terminate the financing statement.
7. Years go by. But we are still just a few months short of the financing statement lapsing.
8. Failed Bank's accounts have now been acquired and transferred twice.
9. Neither successor bank has any record of the Financing Statement in its system and, therefore, neither has any desire to terminate it.
10. I need to get the Financing Statement terminated ASAP.

I know I can file a declaratory relief action and get a court order authorizing me to terminate the financing statement, but I don't have that kind of time.

Cougarboard legal geniuses, what other options do I have?
gwalker
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gwalker
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