What Are UCC Filings?
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- Опубликовано: 5 сен 2024
- Are you wondering if UCC filings can affect your chances of approval for a business loan? Give me less than an hour of your time, and I’ll show you how UCC filings can affect approval chances, and what to do about it.
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Key Moments in This Episode
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👉 What You’ll Learn Today
✅ What Are UCC Filings?
✅ Can UCC Filings Affect Business Loan Approval?
✅ What Can You Do About It?
👉 Recap
What to Watch Next 📺
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2022 Guide to Building Business Credit: • How to Build Business ...
Resources 📚
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Website: CreditSuite.com
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💳 Business Credit Building Guide: crdt.st/udFBj
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Thank you! This was informative and encouraging!!!!❤
Great to hear!
15:30 the meat and potatoes, that was worth waiting for.
Thanks for watching!
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Hi thanks for the information i got tesla solar panels 2 years ago and just find out i have a ucc 1 on my house, didn't know what ucc 1 what actually was and tesla didn't tell me anything about it
just find out trying to get a home equity loan.
Glad you came across our video. Thanks for watching!
Great Content looking to invest as a small business broker and add to my portfolio. Thank you appreciate the Value!
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What if I am a lender on the UCC1 and the borrower defaults. I have a security interest with the collateral with all assets. How do you UCC 3 Assign to a bank with a letter of credit.
To UCC 3 Assign to a bank with a letter of credit, you'll need to follow the procedures outlined in the Uniform Commercial Code (UCC) Article 3 and coordinate with the bank issuing the letter of credit. Hope this helps.
@@CreditSuite Yeah I am aware of that. I called a few banks and I must get the dumbest customer service and have wasted a lot of time on hold getting transferred around. I used an AI bot to gather more info and as it stated I can just auction property off. I also spoke to a few lawyers who did nothing but stutter and tell me I am wrong. I tried contacting the city for the license and insurance but because its against one of their departments they have been reluctant to hand over the information. I also submitted my claim to risk management who refuses to get back to me. I tried doing a Offset with the IRS but later found out it need to go to the Fiscal service department. The 1099s are already filed so I need to correct a few errors so i can invest it into my company.
Does a UCC mean that the lender will size’s my property
Good question and the answer is NO, a UCC (Uniform Commercial Code) filing does not necessarily mean that the lender will seize your property. A UCC filing is a notice that a lender creates to announce that they may have an interest in your personal or business property as collateral for a loan. It is a legal document that is filed with the Secretary of State's office in the state where the property is located, and it provides notice to the world that the lender has a security interest in the property listed on the UCC.
If you default on your loan, the UCC filing may give the lender the right to take possession of the property listed on the UCC to satisfy the outstanding debt. However, the lender must follow certain legal procedures to enforce its security interest, and it will generally only do so as a last resort after all other attempts to collect on the debt have failed. The bottom line is that a UCC filing does not necessarily mean that the lender will seize your property, but it is a warning that they may do so if you default on the loan. Hope this helps
Can an individual file a UCC lien against another individual for past due debts? Such as if I were to take someone to small claims and win….is this the next step in the process of getting paid?
In theory, anyone can file a UCC-1 financing statement against another individual. However, it's essential to understand that filing a UCC-1 is typically done by lenders or businesses to secure their loans or debts and not usually by individuals for personal debts. A UCC-1 filing is a legal notice to other creditors about a lender's interest in certain assets of a debtor.
If you've won a judgment in small claims court and the debtor has not paid, there are other methods often used to collect the debt. These can include wage garnishment, bank levies, or placing a lien on real property. It's recommended to consult with a legal advisor to understand the best course of action in your specific situation.
This is just a notice, a UCC 1. If you have won a court case you need to ask for a writ of assistance/execution to recover your prize.
@@CreditSuitewhy and how is it a theory if it exists. Does it say "British agents only; aka bar members" I didn't think so when I look at the Secretary of states page. So I can only presume ( you guys are familiar with presumptions 😂) that you are not giving full disclosure, as another attempt to keep the public, we the people, from protecting our beneficial interest of our property. As I am aware the state owns everything.
Hi, can I have email so I can send you information about my UCC filing secured by my property and the bank did foreclose on my personal property? can you assist or do I need attorney presentations?
Seeking advice from your legal attorney would be the best way to handle it.