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Think about the last time you asked someone for advice. What was it about the situation or person that caused you to seek advice? Or consider the last time you were in a restaurant looking over the menu, trying to make a decision about what to order. You may have asked the waiter to help you with this decision, soliciting his or her advice as to what option may be the best one, what is fresh, what pairs better with the wine, etc. While both situations involve seeking advice, there is a difference between the two. In the first situation, you are seeking advice from a trusted friend, relying on his or her experiences and their knowledge of you to guide you in the right direction. In the latter situation, you are putting your trust in the opinion of a total stranger who does not know you from another customer. So ' what makes you trust the latter's opinion enough to order what they recommend?
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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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