Posted on: 01st Nov, 2010 09:16 pm
Also, what position this filing places the filer in as it relates to ownership of ALL assets.
Thank You,
Thank You,
Hi Ayana!
Welcome to forums!
As far as I know, as per the provisions of state Universal Commercial Code statutes, when a personal property is used as collateral for borrowing, then a UCC-1 statement is prepared, signed, and filed. The whole process is known as "perfecting the security interest" in the property, and this type of loan is a secured loan. The filing of this statement creates a lien against the property. Thus, the borrower may not dispose of the property without paying off the debt in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, as per the provisions of state Universal Commercial Code statutes, when a personal property is used as collateral for borrowing, then a UCC-1 statement is prepared, signed, and filed. The whole process is known as "perfecting the security interest" in the property, and this type of loan is a secured loan. The filing of this statement creates a lien against the property. Thus, the borrower may not dispose of the property without paying off the debt in full.
Feel free to ask if you've further queries.
Sussane
WILL THIS IMPROVE MY PERSONAL CREDIT SCORE ONCE THE UCC IS PAID OFF?