I have a commercial loan with collateral as "operating interest in wells." Do we need a mortgage, UCC or both to perfect a security interest in this?
Also, is this collateral even considered real estate collateral?
What should be a financial institution's main considerations/conditions for lending to a start-up business for processing hemp? How does an institution
perfect a security interest in the raw material/and or crude? If the institution has to take possession for some reason, what would be the
recourse? Can the financial institution sell the inventory to another hemp processor?
We are trying to make a loan to a new entity and provide a short term line of credit to help fund the costs of there first contract as a company. We
are wanting to take an assignment of the contract and have their customer issue joint checks for their payouts. I have been unable to find any
document that works on our compliance software. Any ideas of how I would perfect this transaction?
If we have a customer that has their business registered with the Delaware SOS however they live in ND, do we need to produce two separate security agreements, one for each state? I noticed this changes in the governing law section of LaserPro documents.
A customer signed her application using a hyphenated name. Her property is in solely her maiden name, but it is vested as "husband and wife". Do I still need to put a/k/a on documents?
On a Deed of Trust-secured loan, hazard insurance is in the name of the lessee, loan is in the name of the property owner. Do we need to add the property owner as an additional insured or an additional interest?
For a loan with a savings account as collateral, can all of the loan fees (doc fees, credit report fees, etc) be included in the savings hold?
How can I tell if a loan is cross collateralized, what language shall I look for and in what document?
If we have three DDA accounts securing the same loan, does the "single action rule" limit us to only using the funds from one account in the event of default? It is the funds in all 3 accounts that add up to enough to cover our loan proceeds.
Currently the Credit Union requires a member to sign an authorization for payoff when we are posting insurance settlement checks for cars that are considered a total loss. (checks sent by insurance company)
Is there any regulation that states we have to have the authorization signed or as lienholder can we make the business decision to
accept those checks and post them the same day?