William Penn Life, 1995 (30. évfolyam, 1-12. szám)
1995-01-01 / 1. szám
Page 2, William Penn Life, January 1995 William Penn LIFE Official Publication of the William Penn Association Published Monthly Office of Publication: 709 Brighton Road Pittsburgh, PA 15233 Phone: 412/231-2979 Third Class U.S. Postage Paid Pittsburgh, PA Permit No. 2724 E. E. Vargo Editor-in-chief George S. Charles, Jr. Frances A. Furedy Associate Editors John E. Lovász Managing Editor NATIONAL OFFICERS E. E. Vargo National President George S. Charles, Jr. National V.P./Secretary Frances A. Furedy National V.P./Treasurer Robert A. Kapinus Assistant Treasurer BOARD OF DIRECTORS Joseph P. Arvay Chairman Michael J. Hrabar Vice Chairman Roger G. Nagy Vice Chairman Anthony C. Beke Louis A. Fodor Elmer A. Furedy Barbara A. House Michael R. Kara George F. Mirkovich Michael F. Tomcsak Elmer W. Toth Frank J. Wukovits, Jr. Frank J. Radvany Secretary of the Board AUDITING COMMITTEE Charles J. Furedy Robert A. Ivancso Co-Chairmen Margaret H. Boso Secretary Dennis A. Chobody Joseph Hamari Ernest J. Mozer, Sr. CONSULTANTS Bruce & Bruce Company Actuary Horovitz, Rudoy &. Roteman C.P.A. Rothman Gordon Foreman &. Groudine, P.C. General Counsel Dr. Julius Kesseru Medical Director Unsolicited articles, letters, manuscripts, pictures and other material submitted to the WILLIAM PENN LIFE are forwarded at the owner s risk, and the WILLIAM PENN LIFE expressly denies any responsibility for their safekeeping or return. The WILLIAM PENN LIFE reserves the right to edit, revise or reiect any article submitted for publication Postmaster: If undelivered, please send form 3579 to: William Penn Association 709 Brighton Road Pittsburgh, PA 15233 NFC A earns award for park project NAPERVILLE, IL — While some of the nation’s children had thoughts of sugar plums and beautifully-wrapped packages dancing in their heads this past Christmas, the children of 196 Arizona families had thoughts of a different kind. The images dancing in their heads were of a new home with a safe neighborhood park where they can play and friendships can grow. The neighborhood they dream of is taking shape in the South Mountain Village area in Phoenix through Habitat for Humanity’s Valley of the Sun affiliate. The much-needed housing development will surround a 1.5-acre community park, sponsored by the National Fraternal Congress of America (NFCA). Because of its members’ contribution of $124,293.51 to the community park, the NFCA was presented with the Community Builder Award by the Valley of the Sun affiliate during the onsite unveiling of the South Ranch II project on Dec. 3. In addition to the NFCA’s financial support of the park, it also plans to provide volunteer labor through its member-societies and the Arizona State Fraternal Congress. On hand to accept this prestigious award was Dr. Edward A. Lindell of Lutheran Brotherhood, chairman of the NFCA’s National Cause Committee. "This is one of the most exciting, comprehensive communities that has ever been developed within Habitat for Humanity,” Dr. Lindell said. "Both size and location give it the potential of being one of the most significant collective Habitat efforts ever developed. We look forward to watching it blossom.” The park layout, designed by a landscape architect, will include green space, a playground, sidewalks, basketball courts and a pavilion. Hungarian prints displayed NEW BRUNSWICK, NJ — A special exhibition of two portfolios of 22 rare Hungarian etching prints is being presented in conjunction with the sixth annual Festival of Trees representing 12 traditions at the Hungarian Heritage Center of the American Hungarian Foundation, 300 Somerset St., New Brunswick. The first portfolio consists of 12 self-portrait prints compiled by noted artists in Budapest in 1928. Four years later the artists created another portfolio of 10 landscape prints. Stephen Csóka, the only artist of the group to emigrate to the United States, will be shown in a selection of his paintings, which predate 1934. Among the traditions represented in the Festival of Trees are Belarus, Denmark, Hispanic-Latino, Ireland, Italy, Scotland, Sweden, Ukraine, Hungary and America. The Festival of Trees and special exhibition of Hungarian prints will be open until Jan. 29. Hours for the museum at the Hungarian Heritage Center are Tuesday to Saturday, 11:00 a.m. to 4:00 p.m., and Sunday, 1:00 to 4:00 p.m. For more information call the Hungarian Heritage Center at (908) 846-5777. Top representatives National President E. E. Vargo (left) and Bo. i Chairman Joseph P. Arvay (right) congratulate WPA Sales Representatives Noreen Fritz, FIC, and Alan Szabó who surpassed their quotas in a recent sales contest for Association representatives. Both received special recognition and a gift for their excellent results. (Photo by Louis A. Fodor) Who really owns your new TV? By Emil W. Herman, Esq., General Counsel The last two articles have addressed your rights as a consumer, under state "lemon laws” and under laws dealing with disclosure of credit terms. This article also addresses consumer rights in the area of credit purchases. When you purchase something on credit, whether a su eo system, dish washer, winter coat, new car, or home, even though the item may be in your possession, and yours is the only name on the deed or title, you may not be the only person or entity with an ownership interest in that item. Rather, by purchasing on credit, you have given the lender an interest in that property—a "security interest.” Before a lender can obtain a security interest in goods or property, two things must occur. First, you as the purchaser must agree to give the lender a security interest in the item. This is generally a condition of the lender making the loan. Additionally, the security interest must be "perfected” by the lender in the manner prescribed by law, which will vary depending upon the item and the state in which you live. Perfection is important both to establish a priority in the event that more than one security interest in the item is given and to serve as public notice of the existence of the security interest in certain types of property. The security interest with which you are probably most familiar is a mortgage. If you borrowed any portion of the purchase price for your home, or later obtained a home equity loan, you were probably asked to give the lender(s) a mortgage. The document you signed giving the mortgage was the security agreement. If the lender filed the mortgage in the office of the recorder of deeds, or similar government office in the county where you reside, the security interest was perfected. If your car was purchased on credit, you probably gave the lender a security interest in the car. The security agreement may have been part of the loan application, or may have been contained in a separate document. The security interest in a vehicle is generally perfected by filing with the state agency issuing titles to such vehicles, and will be reflected directly on the title to the car in most states. Another type of security interest is that given in consumer goods. Any household appliances, clothing or other consumer goods purchased on credit may be subject to a security interest in favor of the lender or store issuing the credit. This type of security interest is called a "purchase money security interest.” The security agreement for purchase money security interests is usually found in the application for credit. Perfection does not, in most instances, require any filing. Rather, for consumer goods, perfection occurs upon acceptance of possession, although some lenders may choose to file a financing statement in the governmental offices prescribed by law. If you maintain a balance on the charge account in question, however, you may never actually satisfy the security interest in any goods purchased via that charge account. Thus, the washer and dryer purchased three years ago may be serving as security for the coat you purchased this winter. The effect of a security interest, regardless of the goods in which it is taken, is that you do not own those goods or property free and clear of all liens and encumbrances. Rather, the holder of the security interest also has a legal interest in those goods or property. That legal interest must be satisfied before you or anyone else can own the goods or property without worry that another may be able to repossess them. Security interests can by satisfied at different times, but generally always in the same way—the underlying debt is paid in full. If you pay off the loan in accordance with its terms, the lender is obligated to satisfy any filed security interest within a period of time specified in state law. If you want to sell the goods or property subject to a filed security interest, you must either satisfy the security interest prior to the sale or out of the sale proceeds. If the security interest is not satisfied, the new owner will take the property subject to the security interest. If the security interest is a purchase money security interest which was never filed, any new owner who has paid fair value for the consumer goods and was not aware of the security interest at the time of purchase will take the goods free and clear of the security interest. If the goods are given as a gift, however, or if the buyer is aware they were purchased on credit, the goods will continue to remain subject to the security interest. If you fail to make your loan payments, the property in which you have given a security interest can be repossessed by the lender, who may then attempt to sell the property, and apply the proceeds to the debt. Sale proceeds must be applied to security interests in accordance with their priority of perfection, so that if there is more than one security interest in the property, the first must be paid in full before any proceeds are applied to the second, and so on. It is important to remember that, merely because the lender has repossessed the property, you are not relieved of liability on the loan used to purchase the property. If the sale proceeds will not satisfy the loan, you remain personally liable for the remaining amount due. Emil W. Herman, Esq., is general counsel to William Penn Association and senior partner of the Pittsburgh law firm of Rothman Gordon Foreman & Groudine, P.C.
