Here's a quick wrap up and confirmation of what we accomplished last Thursday night as we look ahead to our meeting this week.
In attendance at the last meeting were: Misty, Mark, Kyle.
In view of the extended research needed in listening to Patrick's calls and looking for additional sources on the net for info on these forms, we decided to continue with our assignments from the previous week. I've included them below again for your reference.
Please have something ready for us to discuss with a short write up of whatever you have come Thursday.
Thanks very much!
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I've identified an initial list of forms that seem to be important in Patrick's materials and have divied them up between us to work on this week in putting together a descriptive summary, as follows
SF1080-82a.pdf
Paul - IRS Forms 14039, 13909, 14242
Please work on these this coming week and let's see who comes up with the nicest, most complete and accurate descriptive summary!
Next meeting: This Thursday Oct. 06 8:00 PM Central Time Meeting details to be announced by email as usual.
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And we didn't get to this so I'll include it again this week. Last week Misty raised a question/issue which warrants our attention and we can hopefully provide some input and discussion next week. This is the issue:
"Patrick said in one of his calls that Article 9 of the UCC states that you can choose which law you want to be under. I wanted to verify this.
I could not find anything under article 9 for "non-UCC" but instead found one entry for "Non-Uniform Commercial." It didn't have anything to do with choosing which law to be subject to. However:
UCC 9-306b has info which leads you to UCC 5-116. UCC 5-116 is what allows you to choose which law you want to be under and this is done either by presumption or by contract depending on the type of item you have security interest in, whether or not that interest has been perfected or not and more. It also basically supports Mark's "law of the flag" information that has previously been presented.
This section also states that if any processes with your UCC security interest stuff conflicts with that article (UCC 5-116) that 5-116 prevails. There are more sections need to be studied under 5-116 that I have not looked at but are important.
Beware: It states that it prevails as long as it doesn't conflict with "non-negotionables" listed in section 5-103.
I did not get a chance to review or study 5-103. I have no idea if the terms in 5-103 are conflict with de jure law or not.
Thanks very much to everyone!
Mark
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