Bio:
Jay Bruce is General Counsel of American Bank Systems and its subsidiaries,
ABS Proactive, LLC, and ABS Consulting Services, LLC. American Bank Systems has been serving the financial industry for more than thirty years with
management and compliance systems. Jay is also of counsel with the Oklahoma City law firm, Phillips McFall McCaffrey McVay and Murrah. Admitted to the Oklahoma Bar in 1989, he received his education at Oklahoma State University (B.S., Accounting, 1983) and the University of Oklahoma (J.D., 1989). Jay is admitted to practice before all Oklahoma Courts, the U.S. District Court, Western and Northern Districts of Oklahoma, the United States Tax Court and the United States Court of Appeals, Tenth Circuit. He is also a Certified Public Accountant, licensed in 1985. Jay served as a judicial clerk for Justice Marian Opala of the Oklahoma Supreme Court in 1987. He is a member of the Oklahoma Bar Association and the Oklahoma Society of Certified Public Accountants. Jay is also author of the book, From Grief to Glory: Spiritual Journeys of Mourning Parents
Contact info:
You may contact Jay by telephone at (405) 607-7000 or by email at
jay@abs-ok.com.
Questions Answered
06/05/2006
In a community property state, in regards to married couples, do both spouses have to sign the UCC2 to perfect our lien or will one signature suffice as long as they both sign the security agreement?
03/06/2006
My question is regarding loan documents. When a customer applies for a loan in the name of John B. Smith, and the search comes back showing deed as John Barney Smith, what documents need to reflect the name on the deed? Do we need to have them sign every closing document as the deed shows?
05/23/2005
Our bank is getting ready to start imaging loan documents. Where can I get some information about what documents we should keep originals of and not rely on images?
12/06/2004
I have a surviving spouse's trust agreement, where the living spouse no longer wants to be the trustee and would like to appoint her son, who is also successor trustee, to become sole Trustee. However in the trust agreement, it states that to amend or change, either trustor can change during the joint lives of the Trustors, by signed instuments delivered to the Trustee. Is this possible to change if one of the Trustors is deceased?
11/01/2004
Does HOEPA apply if the loan has an "On Demand" clause?
10/04/2004
Under the revised Article 9, we are required to terminate the UCC on consumer goods when the debt is satisfied. What is the definition of consumer goods?
02/23/2004
Is a signature necessary on a UCC-1 filing if we have obtained the borrower's signature on the loan for that particular item? Someone had informed us that it was not necessary.
09/02/2003
I am the internal auditor at our bank and am currently reviewing lending operations. I am seeking to determine if there are any regulations or statutes that limit or prescribe amounts that can be charged borrowers as late fees for delinquent loan payments.
08/11/2003
When we are converting a construction loan on a primary residence to permanent financing, we sometimes advance additional funds to the borrower. If the additional funds are not for construction costs, would the additional amount dispersed be subject to the right of rescission?
07/07/2003
What are the requirements to perfect a security interest in a life insurance policy? We are going to get an Assignment/Acknowledgment from the insurance company, but do we need to file a UCC-1 on the policy itself?
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