FRANKLIN TELECOM (FTEL) Message Board

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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL)

FTEL 0.871

-2.1%

Nov 14 9:30 AM EST

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To: kphone who wrote (39682)	12/22/1998 1:20:00 AM
From: Daine Newman	Read Replies (2) of 41046

ss.ca.gov Uniform Commercial Code Section " The California Secretary of State's Office has been the central filing office for certain financing statements and other documents provided for under the Uniform Commercial Code since 1965. The intent with the majority of the filings is to perfect or preserve security interest in named collateral. A financing statement is a document stating that someone (a secured party) has a claim (security interest) in certain property (collateral) belonging to someone else (debtor). To illustrate; a business owner borrows money from a bank and uses the assets of a business as collateral for the loan. The bank as the "secured party" will probably file a financing statement with the UCC of the Secretary of State's Office. By filing a financing statement, the bank establishes establishes its priority in the event the business owner files for bankruptcy or becomes insolvent. This gives notice upon search of records to other banks and/or lenders (or anyone else who might be interested) that the secured party has a "perfected security interest" in the business' assets. If other secured parties file statements naming the same debtor and collateral, dates of filing set up a priority for payment on a first in time basis. Judgment liens, attachment liens, agricultural liens and equipment liens are also filed in the UCC section, as well as, various tax liens submitted by state and federal taxing agencies, such as, the Franchise Tax Board and the Internal Revenue Service. " I am not a lawyer. But don't think this protects shareholders. Appears to protect Frank. Agree? Disagree?

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