Quote:
Originally Posted by Exhibitman
Bob:
You are right: a new UCC-1 has to be filed when items are added to a vault and the record is public. I can say for sure that the vault is not renting real estate or a safe deposit box. It is simply providing a bailment service to dodge state sales taxes. Which are deferred: if you ever take delivery of the card, you owe the tax for your state.
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The beautiful thing about UCC-1's is that they do not need to be filed in the jurisdiction in which the 'vault' is located or that states Secretary of States office. The District of Columbia Recorder of Deeds is the default filing jurisdiction for all UCC-1's. There is no Secretary of State's office to file them. They all go to the ROD and they can be filed electronically.
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'Integrity is what you do when no one is looking'
"The man who can keep a secret may be wise, but he is not half as wise as the man with no secrets to keep”
Last edited by Michael B; 08-08-2022 at 12:52 AM.
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