Corporate Transactions and Compliance Blog

UCC Trivia Quiz: Test Your Knowledge!

Written by Despina Shields | Thu, Jan 11, 2024

What this is: This UCC trivia quiz is designed to test and enhance one’s UCC filing knowledge for both novices and experts to assess and improve their understanding. 

What this means: It’s a learning tool for professionals who prepare and file UCC filings that not only challenges one's current knowledge but also offers insight into less familiar aspects of UCC practices.

Since past quizzes on our blog have been so well received, we updated our UCC quiz to challenge you. Most of these questions should be pretty easy for seasoned veterans who have a lot of experience filing UCCs nationwide. And those of you with less experience will probably learn a few new things. Now, let's see how well you do!

1. How many state-level filing offices offer UCC filing via XML (Extensible Markup Language) through high-volume business-to-business (B2B) UCC filing service providers, like Cogency Global?

  1. Zero. This is not the primary protocol used by state-level UCC filing offices. 

  2. Up to 12 state-level filing offices. 

  3. More than 30 state-level filing offices. 

  4. All state filing offices offer UCC XML filing. 

  5. None of the above. 

2. Which state has a 10-year instead of 5-year effective period for UCC financing statements?

  1. West Virginia

  2. Washington

  3. Wisconsin

  4. Wyoming

  5. None of the above. 

3. Which organization promulgates and maintains the national UCC model forms?

  1. IACA (International Association of Commercial Administrators). 

  2. NPRRA (National Public Records Research Association). 

  3. INTA (International Trademark Association). 

  4. PRIA (Property Records Industry Association). 

  5. NASS (National Association of Secretaries of State). 

4. The Model Administrative Rules for UCC transactions are often referred to as:

  1. MODS 

  2. MARS 

  3. MAR9 

  4. MOOPS 

  5. MARCUS 

5. In what year was the requirement for signatures eliminated from UCC financing statements?

  1. 2000 

  2. 2001 

  3. 2005 

  4. 2010 

  5. 2013 

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6. What is the date of the most current version of the national UCC1 and UCC3 model forms?

  1. July 10, 2010 

  2. April 20, 2011

  3. July 19, 2012

  4. July 1, 2023 

  5. None of the above.  

7. Which national form is currently used in the majority of states when someone would like to address an inaccurate UCC record?

  1. UCC11 (Information Request). 

  2. UCC5 (Information Statement). 

  3. UCC5 (Correction Statement). 

  4. Affidavit of Wrongfully Filed Record.

  5. None of the above. There is no form that the majority of state-level filing offices accept for this purpose. 

8. Which of the following is NOT an authorized reason for rejection of a UCC financing statement by the filing office?

  1. A UCC1 that does not provide a mailing address for the debtor and/or secured party. 

  2. A UCC3 continuation statement that is not submitted within the 6-month continuation window. 

  3. A UCC that is submitted via a medium that has not been previously approved by the filing office. 

  4. The debtor name is misspelled. 

  5. None of the above. 

9. In which years did the last 2 significant amendments to Article 9 of the UCC become effective?

  1. 1998 and 2001 

  2. 2001 and 2010 

  3. 2005 and 2013 

  4. 2001 and 2013 

  5. None of the above. 

10. What are the 3 elements of a sufficient UCC Financing Statement as defined in Article 9 of the UCC, Section 9-502?

  1. Provides the name of the debtor; provides the name of the secured party or a representative of the secured party; and indicates the collateral covered by the financing statement. 

  2. Provides the name and address of the debtor; provides the name and address of the secured party or a representative of the secured party; and indicates the collateral covered by the financing statement. 

  3. Provides the name of the debtor; provides the address of the debtor, provides the name of the secured party or a representative of the secured party. 

  4. Provides the name of the debtor; provides the name of the secured party; provides the name of the filing office. 

  5. Provides the name of the debtor; provides the name of the secured party and, if the debtor is an individual, provides the picture from the debtor’s driver’s license. 

11. Brain Teaser: Most states provide for a 30-year effective period for financing statements filed in connection with Manufactured Home transactions. Which state’s Article 9 statute provides for a 40-year effective period for these types of filings?

  1. Georgia 

  2. Kansas 

  3. West Virginia 

  4. New Mexico 

  5. Florida 

12. Really Tough: Transmitting Utility debtor filings are effective until terminated, except in one state, in which they are effective for only 5 years unless continued timely. In which state must a UCC3 continuation filing be made?

  1. Montana 

  2. Oregon 

  3. Georgia 

  4. New Mexico 

  5. South Dakota

If you have any questions or comments concerning the content of this blog post, feel free to contact the author directly at dshields@cogencyglobal.com. You can also visit the UCC Article 9 Filing and Searching Info page of our website for a variety of helpful Article 9 resources.  

ANSWERS: (1) c, (2) d, (3) a, (4) b, (5) b, (6) d, (7) b, (8) d, (9) d, (10) a, (11) c, (12) c

This article is provided for informational purposes only and should not be considered, or relied upon, as legal advice.
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