Perfection

Steps required to make a security interest enforceable against third parties. US: UCC-1 filing; UK: registration at Companies House within 21 days of creation; different regimes for different asset types.

True Sale

A transfer of assets constituting a legal sale (not a secured loan) so that the assets are excluded from the originator's insolvency estate. Requires: (1) intent of parties; (2) no obligation to repurchase at par; (3) no practical control retained; (4) supported by a true sale legal opinion. See also: VIE/ASC 810 for US GAAP consolidation consequences.

UCC Continuation Statement

A filing extending a UCC-1 financing statement's validity for an additional 5-year period. Must be filed in the 6-month window before the original statement's expiry. Missing continuation = lapsed perfection = assets available to trustee-in-bankruptcy.