Archive For: Banking

What’s In A Name Under The Washington State Uniform Commercial Code? – Update

By: BeresfordBooth

By Washington State Business and Real Estate Lawyer Per E. Oscarsson In 2011, the state of Washington adopted amendments to the secured transactions provisions of its Uniform Commercial Code (UCC). These amendments were to become effective on July 1, 2013. One of the amendments dealt with identifying individual persons on financing statements filed with the Washington Department of Licensing. When the National Conference of Commissioners on Uniform State Laws proposed amendments for identifying individual persons, it provided two alternatives. Under the first alternative, the financing statement sufficiently identifies an individual debtor only if it provides the name of the individual as...Read More

What’s in a Name under the Uniform Commercial Code in Washington?

By: BeresfordBooth

For a secured transaction under the Uniform Commercial Code (the “UCC”) starting on July 1, 2013, it is a lot.  It could mean the difference between success and failure.  Article 9 of the UCC (Article 9A in Washington) governs the creation of most security interests in personal property.  In most cases, a financing statement must be filed in the appropriate state office.  That filing allows the public to search the records for the existence of the security interest.  One piece of information that is required for the financing statement is the name of the debtor - the individual or entity...Read More

Some Judicial Foreclosures Are Now Speedier In Washington State

By: BeresfordBooth

Since the Washington Supreme Court’s decision in Bain v. Metropolitan Mortgage Group, we have seen an increasing number of foreclosures-by-lawsuit (“judicial” foreclosures). The judicial foreclosure typically takes far longer to complete than the standard non-judicial foreclosure, in which a trustee goes through a notification process before selling the property without court involvement. One main drawback of the judicial foreclosure is the delay caused by the “redemption” period following the sheriff’s sale. Redemption is the statutory right of the borrower or junior lienholder to reimburse the sheriff’s-sale purchaser for the amount the purchaser paid at the sale (“redeem”), thereby taking title...Read More

Sunwest Bank Purchases Westside Community Bank

By: BeresfordBooth

The Washington Department of financial institutions (DFI) closed Westside Community Bank citing inadequate capital and severe loan losses effective January 11, 2013. Westside Community Bank, headquartered In University Place, Washington, had 2 locations which are now open as branches of Sunwest Bank. Beresford Booth represents a number of local and regional banks.  Contact us at (425) 776-4100 for your banking law needs.