Are additional disclosures required if a lending institution elects to act as the seller of a repossessed automobile?
When documenting a boat loan (large vessel) that requires a preferred ships mortgage, do you also need a UCC filing to cover the motor(engine), fixtures, accessories, etc?
Is there any way to initiate a release of a UCC when you are not the debtor. For instance, we refinance a loan secured by a UCC, obtain a pay off from the debtor with acknowledgement to release the UCC but they never do. It's a lot of work to keep following up to request releases on a UCC, any suggestions?
We are a small bank that does very little lending that requires a UCC filing. However, we have a request to finance a business that has inventory and A/R. I remember (from long ago seminars) a blanket statement that is noted in the UCC as well as specific asset description. What is this statement? What do I need to state on the UCC other than the specifics of the assets?
I have a loan officer that wants to approve an unsecured consumer line of credit and file a UCC on equipment owned by the borrower as an abundance of caution. Can we legally do this?
Taking a Wealth Mgmt Account as collateral, would you use a Commercial Pledge Agreement and/or a Control Agreement and Acknowledgement of Security Interest as Collateral?
Are UCC filings required on mobile homes that are attached to the land if a mortgage is going to be filed?
Can you expand on this answer any? Is it because of the tax consequences or the fact that the account is owned by the minor, and that the minor cannot sign to pledge the collateral, or something else?Using an UTMA Account as CollateralAnswer by Randy Carey, Question: Can a child's UTMA-WI savings be used to secure the parents' loan? Answer: It would be based totally on state law, however in most states it would not be allowed.
Can borrowers pledge a checking account (transaction account) as collateral on a loan? If not, what UCC provision applies to this prohibition?
Loan A to John Doe is secured by a UCC filing for inventory and accounts. Loan B made to John Doe a year later is cross collateralized with the same collateral. Loan A has the original security agreement and Loan B does not get a new security agreement. We reference the original security agreement from Loan A in the Promissory Note of Loan B. Is this correct or should we prepare a new security agreement with Loan B even though the UCC was filed a year prior to Loan B being made? If Loan A pays off and we move the security agreement over to Loan B are we perfected?