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Mark
Mark, Attorney
Category: Bankruptcy Law
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Experience:  14 years, real estate, tax, bankruptcy, debt resolution, and criminal law
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Need a business lawyer with a knowledge of bankruptcy. We

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Need a business lawyer with a knowledge of bankruptcy.
We have a large piece of expensive property at a vendor loation. We purchased the property, it is paid in full and they use it to produce some parts.
We want to protect the property from a lockdown in case the vendor enters bankruptcy. I vaguely remember some UCC form or document in the past that when signed by both and filed - could be used to open locked bankruptcy doors to let us retireve our property. Can you help me with this.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Mark replied 2 years ago.

Do you own the property and evidence of ownership like a title? Is there a written lease showing your ownership? Typically in a sale you can file a security interest. It really depends upon the substance of the transaction as indicated by the following:

 

http://www.allbusiness.com/business-finance/leasing/974246-1.html

 

If it is your property, then why not just be possession if you really think they will file for bankruptcy?

Customer: replied 2 years ago.
The property is steel molds used to make plastic parts. These molds are worth between $25K and $60K. We pay for them and they are our property.
The mold remains in the mold makers hands so they can produce plastic parts from it.
But one never knows when a business will have problems today.D&Bs are not reliable.
After I sent this I remembered using UCCs to protect business property located elsewhere in my distant past. Do you know what form or process would be appropriate for this situation?
Expert:  Mark replied 2 years ago.

The only forms that I would know about would be financing statements filed with the CA SOS. Here are some links:

 

http://www.sos.ca.gov/business/ucc/forms.htm

 

http://www.sos.ca.gov/business/ucc/faqs.htm#questions

 

The financing statement would provide notice of the security agreement in the property typically with a loan. You might want to get something from the company indicating it is your property. If it is your property and they file bankruptcy it should not be apart of their bankruptcy estate because it is not their property. Are you concerned that they might sell the property or the property will go into the bankruptcy some how? You might want to have a California creditors attorney review your situation. Do you get anything in return for letting them use the equipment?

Mark, Attorney
Category: Bankruptcy Law
Satisfied Customers: 406
Experience: 14 years, real estate, tax, bankruptcy, debt resolution, and criminal law
Mark and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.
I said nothing about financing. You are not reading what I said and give me answers that you can without concern for whether they are appropriate. You will get you $40.
Expert:  Mark replied 2 years ago.
I know what you said. I do not think there is a form for just letting someone use your machine. The only UCC form is for financing. Those are the only forms listed at secretary of state.
Mark, Attorney
Category: Bankruptcy Law
Satisfied Customers: 406
Experience: 14 years, real estate, tax, bankruptcy, debt resolution, and criminal law
Mark and 3 other Bankruptcy Law Specialists are ready to help you

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