Description
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.
Date: 2020-08-31 Start Time: End Time:
Learning Objectives