Question

After a federal judge refused to dismiss criminal charges against him, Michael Reed took revenge by electronically filing a UCC financing statement listing the judge as the debtor on a $3.4 million loan. Reed himself was listed as the secured party. The lien became part of the public record. Reed was prosecuted for violating a statute prohibiting harassment of public officials. Reed argued that he was innocent because the financing statement did not list collateral - and would never have succeeded in perfecting a claim. Is this a good argument? Explain why or why not.

Answer 1

Federal law takes care of several laws that deal with appropriate usage of legal considerations and bindings that affect daily agreements and contractual relationships among common people. UCC is a financing statement that affects the collaterals of different types and the parties involved in this lien statement.