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#2157861 - 12/20/17 02:39 PM UCC/Assignment of Payment
R_R_B Offline
New Poster
Joined: May 2017
Posts: 23
We have approved a loan to our borrower to complete leasehold improvements. In the lease the landlord agrees to pay the borrower an allowance for all approved completed work. We would like that payment to be made directly to the bank to payoff the loan, or at the very least made payable to us and the borrower. Has anyone done something like this before? For UCC purposes, would this fall under a general intangible?

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#2158001 - 12/21/17 12:50 PM Re: UCC/Assignment of Payment R_R_B
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
This is really a legal issue and I think you should be visiting with your legal counsel. Most likely you will have to review the lessor/lessee agreement to make sure there isn't a prohibition on assignment, have some sort of assignment signed by the customer, notification to the payer of the assignment and file your UCC.
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