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When a Bank forecloses and the attorney states we have all

Resolved Question:

When a Bank forecloses and the attorney states we have all your assets including your name, he is implying the bank now owns the name of the company, is this true?
(intangible property where he says he owns the company name)
Can I still conduct business but under a DBA with a different name?
Submitted: 4 years ago.
Category: Business Law
Expert:  Roger replied 4 years ago.

The bank doesn't own the bank unless you've pledged the trademark as collateral.

 

If this has not been pledged as collateral, you can still conduct business under your same name.

Roger, Attorney
Category: Business Law
Satisfied Customers: 27201
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and 2 other Business Law Specialists are ready to help you
Expert:  Roger replied 4 years ago.

----Sorry for the typo----

 

The bank doesn't own the name of your business unless you've pledged the trademark as collateral.

 

If this has not been pledged as collateral, you can still conduct business under your same name.



Edited by Adam Kirk on 8/4/2010 at 3:46 PM EST
Roger, Attorney
Category: Business Law
Satisfied Customers: 27201
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and 2 other Business Law Specialists are ready to help you
Customer: replied 4 years ago.
Thank you, XXXXX XXXXX not pledge the trademark, however the bank filed a UCC stating all intangibles and that is why the banks attorney states "we own your name".

They got a temporary injuction 09/14/09, they picked up all of their collateral and now we would like to go back to work. Can we resume work under our corporate name and/or apply for a dba under our corporate name?
Expert:  Roger replied 4 years ago.

Unless the name is XXXXX XXXXX the lender doesn't own it.

 

However, if you want to be safe, you certainly have the right to open a new business under a new name and continue on.

Customer: replied 4 years ago.
So to be sure.. After they have closed us down, retrieved their collateral, there should be no more dates, we can continue doing business as before?
Expert:  Roger replied 4 years ago.
Yes, they cannot stop you from doing business. The financial problems could hurt your ability to borrow money for the business, etc., but they can't shut you down from operating.
Customer: replied 4 years ago.
They sent out letters to 19 customers saying to pay them instead of the company.this was in Feb.5,2009. The letters threatened our customers with a law suit if they did so. After 6 months no customers have paid the bank or complied, I have known these customers for 23 years and some have paid me, the others are hanging on to the money in their account
telling me until the received a letter from the bank releasing them, the money stays in their account. The bank refuses to release the customers saying its part of the A/R collateral,
Is is there a staue that states the bank can not continue to hold our customer liable for our debt?
Expert:  Roger replied 4 years ago.

If the lender has a lien on your accounts receivable, it is entitled to those funds owed to you.

 

IF THIS IS THE CASE, you should establish a new business and name with new accounts for customers to stop the lender from continuing to drain these accounts.

Roger, Attorney
Category: Business Law
Satisfied Customers: 27201
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and 2 other Business Law Specialists are ready to help you

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