Understand the Legal Issues and Guidelines to Repossessing Personal Property
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Learn how to perfect your security interest in personal property and how to stay complaint during a situation where repossession of personal property is necessary.Lenders and borrowers are often confused and unsure about the process of how a lender properly perfects a lien against the wide variety of tangible items and intangible rights constituting personal property collateral that can be pledged to secure a borrower's obligations under a commercial loan transaction. This confusion extends to both the lender's options for the enforcement of a personal property lien and the borrower's potential defenses against such enforcement action. This material will walk through the labyrinth of securing a perfected lien against personal property and explain the range of remedies, and defenses thereto, available once a loan default occurs. The material also explains the proper documents and key provisions to be included in commercial loan documents with respect to a personal property secured loan. Failing to properly document and perfect a UCC lien or not understanding the range of remedies, and the consequences of pursuing each particular remedy, can leave a lender with an unsatisfactory recovery on a defaulted loan. This topic will clarify the range choices and the consequences that lenders and borrowers will encounter when agreeing to a pledge of personal property as collateral for a commercial financing.
AuthorsRen R. Hayhurst, Bryan Cave LLP
Security Agreements to Be Used for Obtaining a Security Interest in Various Types of Personal Property
• When a Pledge Agreement Is Needed
• When an Assignment of Rights and Interests Is Used
• Purpose of and Parties to a Control Agreement
Role and Purpose of UCC-1 Financing Statement
• Security Agreement + UCC-1 Financing Statement
What Are the Steps and Procedures That Need to Take Place During a Repossession?
What Are the Alternatives to Repossession?
Redemption of Repossessed Property by Its Original Owner
• When It Can Be Pursued
• How It Is Accomplished
What Legal Guidelines Need to Be Followed in a Repossession?
What Are the Legal Pitfalls to Avoid During a Repossession?
What to Do in a Situation Where the Property Is Damaged or Cannot Be Found