Faith owns a copyright in a book she recently wrote. She applies for a $10,000 loan through Cumberland Bank and wants to use the copyright as collateral. Explain if and how the bank can perfect a security interest in such collateral.
What will be an ideal response?
A copyright is a part of a residual category of collateral called "general intangibles" under Article 9 of the UCC. Cumberland Bank could perfect a security interest in the copyright if the bank chooses to accept the copyright as collateral. Although there are several ways for a secured party to perfect a security interest, filing a financing statement is the only way to perfect an interest in general intangibles. The financing statement must give the names of all parties and reasonably describe the collateral. The bank must file the statement in the state of Faith's principal residence.
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