Bio:
Sam D. Ott is an attorney who specializes in banking and is of counsel with Phillips Murrah P.C. Prior to entering into private practice, Sam was Executive Vice President of Glia Group, Inc., the originator of BankersOnline.com. He was previously General Counsel and Secretary of the Board of BancFirst Corporation and BancFirst. Before his association with BancFirst, Sam served as Assistant General Counsel for The First National Bank and Trust Company of Oklahoma City and General Counsel for both First Interstate Bank of Oklahoma and Boatmen's Bank of Oklahoma.
Contact info:
You can contact Sam by email at sam@dapape.com or by telephone at 405-364-3346.
Questions Answered
07/21/2003
When financing accounts receivables should the payables be considered when calculating the borrowing base. I am trying to determine if the security interest follows the collateral. For instance if your borrower purchases inventory on an open account and then sells to his customer creating a receivable which he finances with you does the original seller of the inventory have a priority interest?
06/02/2003
Does a corporate fiduciary (trust Dept) need any form of ID under CIP for testamentary trusts that they are opening as trustee. example: Jane Smith dies leaving a will and names the bank as trustee of the trust for the benefit of her grandchildren.
05/05/2003
On a renewal of an existing loan using crops as collateral, a new security agreement is required. Is it necessary to file a new UCC? The UCC filed when the loan was originally done (along with the original security agreement) is good for 5 years, so why would it be necessary to file a new UCC every year even though a new security agreement is required every year?
04/14/2003
With the Revised Article 9 would you suggest to continue getting property and legal descriptions for Agricultural or crop loans on state filings and security agreements?
02/03/2003
Can a Revocable Trust created by a Trust Document establish a D/B/A (doing business as) account doing business as? Example: John Smith Revocable Trust D/B/A Smith Auto Sales. Smith Auto Sales is a Sole Proprietorship.
12/02/2002
It has been a few years since I personally looked at the UCC forms since their revision. I see that no signatures are required on the form. Since most lenders are lax in filing termination, in the case of a refi, can the new lender simply file the terminations?
10/14/2002
What is a good definition or example of a without entry item?
10/14/2002
When a bank receives a State Tax levy on an individual, what accounts are to be levied? Does it apply only to personal accounts or also to business accounts that the individual is associated (sole proprietorship, LLC, Corporation)? What if the individual is an authorized signer, but has no ownership interest in the business?
08/12/2002
What are the rules for determining if an account is dormant. Are these rules up to the bank's discretion or are there State laws that mandate what is considered a dormant account?
08/12/2002
What is the proper way to perfect an interest in mobile homes?
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