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JBaxLaw
JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11313
Experience:  Experienced in business formation and licensing issues
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I purchased a business 5 years ago and signed a promisory note

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I purchased a business 5 years ago and signed a promisory note to pay the seller (an individual) monthly for 5 years to satisfy the purchase price. The seller held the note and filed a UCC 1 with the State of Florida to secure the equipment in the event of a default. I now have only 2 payments left to satisfy the promisory note. 1) How is the UCC1 that has been filed with the State of Florida invalidated when I satisfying the loan and 2) should I receive any documentation from the seller showing that the loan has been satisfied, and if so, what type of documentation should the seller be furnishing me?
Submitted: 2 years ago.
Category: Business Law
Expert:  JBaxLaw replied 2 years ago.

BizAttorney :

Hello,

BizAttorney :

I will be assisting you.

BizAttorney :

When a debt underlying a UCC lien is paid, a release is filed. The UCC 3 - statement of change allows one to indicate a lien has been released.

BizAttorney :

The filing fees and forms are provided by a contractor for the State of Florida Secretary of State's Office and can be found at:

BizAttorney :

Please note, nothing herein is intended as legal advice, no legal advice is being provided, no attorney-client relationship will be established and only general information is provided so that you may analyze your situation. Only an attorney in your state can tell you if you have a "case." Understand that the information provided is general in nature and not provided considering the details of your situation.

Please let me know if you have any other questions.

Please be so kind to leave me a positive feedback rating, if you have a few seconds. You will be prompted for feedback after pressing the accept or submit button. You can still continue to post follow-up questions even after the accept button is pressed.

Thank you so much

Expert:  JBaxLaw replied 2 years ago.
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Customer: replied 2 years ago.

Thank you for the info on the UCC1.....as the seller filed the UCC-1, is it the sellers responsibility to file the UCC3 release? And I didn't see an answer to part 2 of my question; 2) should I receive any documentation from the seller showing that the loan has been satisfied (i.e., the original promissory note stamped and dated as "loan satisfied" ) and if so, what type of documentation should the seller be furnishing me?

Expert:  JBaxLaw replied 2 years ago.

The party who files a lien would have an obligation to provide the release. Also, when payment of a loan is complete some statement, letter or other document is typically provided to the debtor to show the debt is paid. If it is not provided, a debtor will normally request such documentation.

 

Thank you very much

JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11313
Experience: Experienced in business formation and licensing issues
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