The Filing Mistake That Turns Your Collateral Into Someone Else’s
INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Tamara Kurtzman.
The Tamara Kurtzman Commentaries
On April 2, 2025, the Ninth US Circuit Bankruptcy Appellate Court determined that Newtek Small Business Finance LLC failed to properly perfect its multi-million-dollar security interest under the Uniform Commercial Code with respect to property of a Deware corporation debtor, Global One Media Inc.
In 2022, Global One, borrowed $2.7 million from Newtek, and the loan was secured in part by Global One’s personal property. In an effort to perfect its security interest in that property, Newtek filed UCC-1 Financing Statements with the Secretary of State offices where that property was located (Nevada and New Mexico), but not Delaware. In 2024, Global One filed for bankruptcy and Newtek filed a proof of claim for $2.8 million, asserting that part of the claim amount was secured by Global One’s personal property as perfected by the filed financing statements. On appeal, it was determined that because Global One is a Delaware corporation, Delaware law controlled perfection of the security interest under the UCC and required filing a UCC-1 financing statement with the Delaware Secretary of State. Because Newtek failed to perfect its security interest in Delaware, Newtek was determined to only be entitled to an unsecured claim in Global One’s personal property. This is an important and timely reminder to secured parties to ensure they file their UCC-1s in the correct filing office to properly perfect their security interests in personal property.
Ms. Kurtzman received her undergraduate degree from the University of Chicago, with honors, and subsequently graduated cum laude from Case Western Reserve University School of Law where she received her juris doctor. While attending Case Western Reserve University School of Law, Ms. Kurtzman served as both an associate member and, subsequently, as Editor-In-Chief of The Internet Law Journal.
Before founding TMK, Ms. Kurtzman served as a partner in a California general-practice law firm specializing in corporate representation where she co-chaired, among other divisions, both the firm’s commercial contracts and litigation practices. Ms. Kurtzman has been featured in:
- The Wall Street Journal
- The Los Angeles Business Journal
- Bloomberg News
- Law360
- The Daily Journal
- Los Angeles Lawyer
- Inside Counsel
- Westlaw’s Sports & Entertainment Journal
- The Beverly Hills Courier
- Backstage
- The ABA Journal
- The Hollywood Times
- Business Law Today
- The Journal of Internet Law
- Corporate Counselor
- Price of Business
In 2012, Ms. Kurtzman was named one of 50 attorneys on the “Fast Track” to becoming the country’s top lawyers and leaders. In 2013, Ms. Kurtzman was inducted into the Beverly Hills Bar Association’s Order of Distinguished Attorneys. In 2017-2021, each year Ms. Kurtzman was selected to SuperLawyer’s Southern California Rising Stars list; each year, less than 3% of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor. Also in 2019, Ms. Kurtzman was named one of the Up-and-Coming 50 Women Southern California Rising Stars by SuperLawyers. In 2015, Ms. Kurtzman became one of the youngest adjunct law professors in the state and, over the years, Ms. Kurtzman has taught pretrial litigation practice and business organizations to numerous classes of law school students. In both 2023 and 2024, Ms. Kurtzman was selected to SuperLawyer’s Southern California Super Lawyer list which recognizes the top 5% of attorneys in each state.
Born and raised in Los Angeles, California, in her spare time Ms. Kurtzman practices Krav Maga and is an avid sabre fencer and bagpiper. Ms. Kurtzman also serves on the Board of American Family Housing, an organization providing long-term housing solutions for formerly homeless veterans and families.
Learn more at www.tmkattorneys.com.
Connect with Tamara Kurtzman on social media:
LinkedIn: https://www.linkedin.com/in/tamara-kurtzman-2b540615
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