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LSDefine

Simple English definitions for legal terms

notice filing

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A quick definition of notice filing:

Notice filing: When someone lends money to another person or business and wants to make sure they get paid back, they can file a notice with the government. This notice tells everyone that the lender has a right to some of the borrower's things if they don't pay back the money. The notice just has to include the borrower's name and address, the lender's name and address, and a description of what the lender can take if the borrower doesn't pay. This is called a notice filing.

A more thorough explanation:

Definition: Notice filing is the process of perfecting a security interest under Article 9 of the UCC by filing a financing statement. This means that instead of filing a copy or abstract of the security agreement, only a financing statement needs to be filed. The financing statement must include the debtor's signature, the secured party's name and address, the debtor's name and mailing address, and a description of the types of collateral.

Example: Let's say that a business takes out a loan from a bank and uses its inventory as collateral. The bank can perfect its security interest in the inventory by filing a financing statement with the state's Secretary of State. This notice filing puts other creditors on notice that the bank has a security interest in the inventory and has priority over other creditors who may try to claim the same collateral.

Explanation: In this example, the bank is using notice filing to protect its security interest in the inventory. By filing a financing statement, the bank is notifying other creditors that it has a claim to the inventory and has priority over any other claims. This helps to ensure that the bank will be able to recover its loan if the business defaults on its payments.

notice doctrine | notice-of-alibi rule

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Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
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