The UZK applies different rules of perfection to general intangible assets and securities. An interest in the LLC, mortgaged as collateral, could fall into both categories. The lender must first determine, with the help of a lawyer, what the interest rates are, and then decide whether the lender should require the interest to fall into another category of the UCC. In most cases, the LLC interest is an intangible general interest. Once the lender has made this decision, the issues of perfection and priority of the interest of the guarantee may be dealt with in accordance with the rules of perfection of the PEA, in accordance with Article 9 of the PEA. In the event that the lender`s intention is to obtain and perfect a guarantee right over all rights arising from an interest in joining the LLC, the economic rights and management rights must be properly described in the pledge or guarantee agreement and duly disclosed in the UCC`s financing statement. An example of such a description of security rights is that there is nevertheless a precedent for the enforcement of a sale considered a “public injunction” after the PEC, while federal registration requirements are taken into consideration. The Securities Exchange Commission has issued no-action letters authorizing UCC sales without registration.  Among the factors that have generally existed or cited by the SEC in the provision of no-action letters are: in all circumstances, the lender should receive a true copy of LLC`s organization certificate and business agreement, whose membership interest is mortgaged, including to confirm whether LLC`s interest is declared as security after the INVESTIGATION PERIOD. Next, the lender (a) should acquire possession of a certificate proving LLC`s interests, with confirmation allowing the certificate to be freely transferred upon enforcement, or take “control” by taking over a control agreement from the issuer if the security is not certified, and (b) should file a UCC financing statement in the state where the Pledgors is located.