Legal Malpractice And Failure To File UCC Continuation Statements: Dealing With The Duties Imposed By The GA High Court 16 Years Later

LexisNexis ( June 25, 2020, 1:56 PM EDT) -- Sixteen years ago, the Supreme Court of Georgia handed down a legal malpractice decision reading into the law an attorney’s duty to file a UCC continuation statement (UCC-3) in a transactional financing deal where loan payments extended beyond the original five-year effective period of the original financing statement (UCC-1). At the time of the closing, the defendant attorney did not inform his client about the UCC’s lapse rules and need to file a UCC-3....