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#1689617 - 04/17/12 07:19 PM UCC Filing on Moving Target
I dont get it Offline
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Joined: Dec 2006
Posts: 65
We are considering doing a UCC filing on specific equipement, but the customer is likely to change or flip his equipment rapidly so that we would have to file and terminate everytime something comes in and out of his shop. He does not want to allow us to do a blanket equipment filing. I don't really see a way around it, does anyone know something I don't?

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Lending Compliance
#1689649 - 04/17/12 08:02 PM Re: UCC Filing on Moving Target I dont get it
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
Are referring too someones equipment used in the operation of the business or are you referring to a customer's inventory of equipment for sale?
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#1689773 - 04/18/12 12:53 PM Re: UCC Filing on Moving Target I dont get it
I dont get it Offline
Member
Joined: Dec 2006
Posts: 65
It isn't used for the operation of their business. They purchase it, do some work on it, the resell it. Some type of expensive computer equipment. So I guess inventory of equipment for sale.

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#1690009 - 04/18/12 05:43 PM Re: UCC Filing on Moving Target I dont get it
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
We wouldn't take a lien other than blanket.
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#1690200 - 04/18/12 09:38 PM Re: UCC Filing on Moving Target I dont get it
HRH Okie Banker Offline
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Joined: Jan 2003
Posts: 3,070
Oklahoma
^^ I wish I could say that. I live in the world of creative lenders.

You might make the borrower aware of the costs associated with each transaction (i.e. loan doc processing fee, recording the UCC, recording the release of said UCC and each UCC search). Whereas a blanket will not have said costs.
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