perfection

perfection
The name for a procedure established by Article 9 of the Uniform Commercial Code. Creditors must comply with this procedure in order to establish the priority of their security interest in personal property relative to the priority of security interests in the same property that may be held by other creditors. (It may be used when an interest in collateral is provided by the debtor or by a guarantor or other third party.) Perfection does not normally constitute the actual agreement between the secured party and the debtor. By itself, perfection does not create a security interest and must therefore be supported by a separate security agreement or pledge agreement. There are several different procedures that can be used to achieve perfection of a security interest in a debtor's personal property. The most common method is perfection by filing a financing statement.
See financing statements and security agreement. American Banker Glossary

Financial and business terms. 2012.

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  • perfection — [ pɛrfɛksjɔ̃ ] n. f. • v. 1150; lat. perfectio, onis « complet achèvement » I ♦ Degré le plus haut dans une échelle de valeurs. 1 ♦ État, qualité de ce qui est parfait, spécialt dans le domaine moral (bien) et esthétique (beau). « C est à la… …   Encyclopédie Universelle

  • perfection — Perfection. s.f. Qualité de ce qui est parfait dans son genre. En ce sens il n a point de pluriel. Grande perfection. tendre à la perfection. atteindre à la perfection. chercher la perfection. approcher de la perfection. travailler à la… …   Dictionnaire de l'Académie française

  • Perfection — Per*fec tion, n. [F. perfection, L. perfectio.] 1. The quality or state of being perfect or complete, so that nothing requisite is wanting; entire development; consummate culture, skill, or moral excellence; the highest attainable state or degree …   The Collaborative International Dictionary of English

  • perfection — I noun accomplishment, achievement, attainment, climax, completeness, completion, consummation, correctness, crown, crowning point, culmination, development, effectuation, elaboration, entireness, exactitude, exactness, excellence, faultlessness …   Law dictionary

  • perfection — When a secured creditor has taken the required steps to perfect his lien, the lien is senior to any liens that arise after perfection. A mortgage is perfected by recording it with the county recorder; a lien in personal property is perfected by… …   Glossary of Bankruptcy

  • perfection — early 13c., from O.Fr. perfection (12c.), from L. perfectionem, noun of action from perficere (see PERFECT (Cf. perfect) (adj.)) …   Etymology dictionary

  • perfection — Perfection, Consummatio, Perfectio, Absolutio, Expletio. Adjouster la perfection à l oeuvre, Palaestram et liniamenta vltimae expolitionis addere operi vel arti, B. ex Cic …   Thresor de la langue françoyse

  • perfection — [pər fek′shən] n. [ME perfeccioun < OFr < L perfectio] 1. the act or process of perfecting 2. the quality or condition of being perfect; extreme degree of excellence according to a given standard 3. a person or thing that is the perfect… …   English World dictionary

  • Perfection — Per*fec tion, v. t. To perfect. [Obs.] Foote. [1913 Webster] …   The Collaborative International Dictionary of English

  • perfection — virtue, merit, *excellence Antonyms: failing …   New Dictionary of Synonyms

  • perfection — [n] achievement, completeness accomplishment, achieving, acme, arete, completion, consummation, crown, ending, entireness, evolution, exactness, excellence, excellency, exquisiteness, faultlessness, finish, finishing, fulfillment, ideal, idealism …   New thesaurus

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