How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask BizLawyerNate Your Own Question

BizLawyerNate
BizLawyerNate, Attorney
Category: Business Law
Satisfied Customers: 10633
Experience:  7 Years of Legal Experience Representing Small Business Owners
11217539
Type Your Business Law Question Here...
BizLawyerNate is online now
A new question is answered every 9 seconds

NJ car lien. My friend has car in NJ ... and I / via my FLa

Resolved Question:

NJ car lien. My friend has car in NJ ... and I / via my FLa LLC / wants to lend friend some $$ and we agree that my FLa LLC (the lender) can put a lien on his car in NJ. Looks like the lien procedure is difficult and NJ requires my simple fla llc to get a code and various registration. soooo ... can we (my Fla LLC) file a UCC in NJ ... and list the Car VIN number and have some security that way ?
Submitted: 3 years ago.
Category: Business Law
Expert:  BizLawyerNate replied 3 years ago.
Thank you for your question and welcome to Just Answer.

A security interest under the UCC would be valid between you and your friend, but it would not put other creditors on notice as to your priority interest.

I think the New Jersey lien process is easier than you think.

The financing statement form to file with the DMV is here (http://www.state.nj.us/mvc/pdf/About/OS_SS-85C.pdf)

You send that form, along with your friend's title and $85.00 to XXXXX
Database Corrections/In House Agency
P.O. Box 141
225 East State Street
Trenton, NJNNN-NN-NNNN

The New Jersey DMV site on the lien process is here

http://www.state.nj.us/mvc/Vehicle/Liens.htm


I will be happy to follow up with you if you have additional questions. In the meantime, please click ACCEPT so that I can get credit for answering your question. Of course, if you really liked what I could help you with, please consider a Bonus, too!

Thanks!

Nathan Moore
Customer: replied 3 years ago.
thanks. I reviewed those forms yesterday and spoke with NJ motor vehicle dept. and any simple FLa LLC entity has to register in NJ ... and go through tons of hoops.
many states you do not have to do such registration to make a loan and secure a car lien.

ssooo ...can we (my Fla LLC) file a UCC in NJ ... and list the Car VIN number and have some security that way ? and then others can not lien it / my car lien via UCC is superior?
Expert:  BizLawyerNate replied 3 years ago.
Okay. Your lien would be superior only if others have notice of it. Doing a financing statement under the UCC doesn't give that notice on vehicles.

How about this.

Your LLC loans the money. You personally lien the vehicle (not your LLC). You have a contract with your LLC that if your friend defaults, you transfer your lien interest to the LLC.

That's perfectly valid legally and gets you where you need to be without all the hassle. I'm just afraid that if you do what you're thinking, the rest of the world will not be on notice because, unlike equipment or some other collateral, liens on vehicles are supposed to be discerned from the title. There is no obligation to go any further than the title under the law to determine if someone else has a lien on a vehicle.


BizLawyerNate, Attorney
Category: Business Law
Satisfied Customers: 10633
Experience: 7 Years of Legal Experience Representing Small Business Owners
BizLawyerNate and other Business Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro

    Attorney

    Satisfied Customers:

    1767
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1767
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1495
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1174
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    504
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    373
    14 years practicing attorney, MBA
 
 
 

Related Business Law Questions

Chat Now With A Business Lawyer
BizLawyerNate
BizLawyerNate
441 Satisfied Customers
7 Years of Legal Experience Representing Small Business Owners