Saw a new loan today secured by a UCC listing "All Firearms". I don't think I'll go on THAT repo!

What's the strangest or most unique collateral description you've ever seen?

I'm with you Tater.

I'll go! I'll go!!

I saw a UCC that showed the collateral as a red-faced cow and a white-faced cow.

breast implants.

yeah, good luck trying to repo that.

Same loan?

Once we had a loan secured by something along the lines of "all equipment now owned or hereafter acquired, wherever located." The loan assistant asked the loan officer if he wanted to require insurance. He replied "you can't insure that S#!%"

I almost fell out of my chair. If you can't even get insurenace on that stuff, why are we loaning money on it?????????????

I am pretty sure it was a terrible loan all the way around.

Around here, nobody calls a Hereford cow anything but a "white face".

Just "all Firearms"..no make, model, serial#? That's crazy!

I've been to someone's new house who built a humongous vault JUST FOR his firearms...it was Un. Freaking. Believable!

Maybe they were financing a shotgun wedding.

AHHH HA HA HA HA!!

The Best Practice to prevent needing to repo would be to perform an annual review of this loans assets. Which should involve a thorough inspection of the collateral.

I understand they do have serial numbers

when including everything, except maybe their first born, we use the phrase "mother hubbard's cupboard"

In this case, the description would be "mother hubbard's cups".