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Part One of a Two-Part Series
Automakers have implemented an incredible amount of safety features into vehicles over the past century. For as long as automakers have been implementing those features into vehicles, however, they have had to defend themselves against critics and purported safety advocates wanting to know why a particular safety innovation was not implemented sooner and why it was not more effective, as consumers 'expected.' On their face, many safety-related criticisms appear valid, given that in 2005 alone, more than 2.7 million people were killed or injured in more than six million police-reported traffic accidents. See NHTSA's National Center for Statistics & Analysis, Motor Vehicle Traffic Crash Fatalities and Injuries ' 2005 Projections, DOT HS-810-583 (2006), available at www-nrd.nhtsa.dot.gov/pdf/nrd30/NCSA/PPT/2006/810583.pdf.
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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