This recorded event is available until April 14, 2015.
The heart and soul of secured chattel lending is knowing how to create and enforce a lien on collateral. Know it, and you make secured loans. Fail to know it, and you make UNsecured loans, but at secured loan rates. Fail badly enough to comply, and you make gifts and not loans. During this comprehensive webinar, Frank Drake, a 30-year industry leader in compliance, will teach you the difference, with vivid examples and simple explanations. He'll help answer questions such as: Do you know the difference between the creation, attachment and perfection of a chattel lien? Can a car with two title owners be pledged as collateral by only one of the owners? Can a car be repossessed with NO lien recorded on its title? Who gets which notice, when, how and why?
During this webinar, we will discuss:
- Creation, attachment, and perfection of chattel liens
- If unfiled liens can still be enforced
- How to deal with multiple owners
- The Rapson Rule
- The 60% Rule
- Dual resale notice requirements
- "Public auctions” vs. “private sales to the public’
Takeaways: Detailed session notes including specific examples and model forms to follow such as “Notices of Sale” and “Analysis of Surplus or Deficiency”.
This recorded webinar is part of the recorded Drake's Monday Bootcamps - Guidance through Compliance Minefields webinar series. Purchase the entire webinar series and SAVE $413 over the regular price of $219 for each individual session.
Who Should Attend
This webinar is designed for credit union operations, lending and compliance staff. Affiliation with CUNA/League is required for attendance.