Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law
This answer was rated:

How can I foreclose on a UCC-1 in Nevada

?...
How can I foreclose on a UCC-1 in Nevada ?
Ask Your Own Business Law Question
Answered in 1 hour by:
6/6/2011
RGMacEsq
RGMacEsq, Attorney
Category: Business Law
Satisfied Customers: 17,515
Experience: Licensed Texas General Practice Attorney
Verified

RGMacEsq :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

RGMacEsq :

What is the underlying lien that the UCC-1 references? That is, is there is a filed deed of trust, etc... that you would foreclose on?

Customer:

My company loaned another company money and we UCC'd the debt. The UCC1 named pretty much every conceivable asset the company might have, including bank accounts, receivables and equipment. They are in default. I have not taken them to court, but their note has 10 day or quit verbage. I plan to send them a certified letter of our intent to take action in 10 days. Do I have to go to court and get a judgment to take their assets, or do I just go in with a police officer and do it because it's part of the loan?

RGMacEsq :

Do I have to go to court and get a judgment to take their assets, or do I just go in with a police officer and do it because it's part of the loan? You absolutely have to go to court. The good thing about a UCC "lien" is that most of the time it takes precedence over bankruptcy, so should they go bankrupt, you can still get your money. You also have priority over other debtors. But you still need to prove that you are actually entitled to foreclose on the property, and to do that, you will need to sue and get a judgment, then "perfect" that judgment and get an authorization and order to seize and sell assets.

RGMacEsq :

That being said, you need to contact an attorney in your area that deals with breach of contract cases. Go to www.lawyers.com or www.legalmatch.com to find an attorney in your area. You should be able to find one that will give you a free initial consultation and better advise you of your rights, any problems with your case, likelihood of success, how courts are treating cases such as yours in your area, and what you should do next.

RGMacEsq :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please select the "accept" button. If you have already clicked "accept", or if you will in the future, please let me know so I can track these for my own reports and customer satisfaction stats. Thank you, XXXXX XXXXX good luck to you!

Customer:

Ok, one more question and you may cut and run on me after I throw it out there. The two parties in this deal may be a little unusual. The Creditor is an LP that owns 100% of the stock in the C-Corp (the Debtor). Further, the Officers of the LP's General Partner (A Nevada C-Corp) are the same as the officers of the Debtor's C-Corp. All of these entities are Nevada entities. Although the Security Agreement attached to the note says that if certain terms and conditions are met, the Creditor doesn't have to take further legal action to seize Debtor's assets, I am thinking based on what you said this is going to be necessary to perfect the lien. So here's the burning question: Since there is going to be no contest in this case, can the Creditor and Debtor entities pursue binding arbitration or mediation to save costs and speed up the process?

RGMacEsq :

Sorry for the delay. I've been having internet issues all day and I haven't gotten it fixed until now (I hope).

RGMacEsq :

Yes, they can. They would have to first enter into an agreement to do so, and to consent to the binding arbitration, but this is certainly a possibility.

RGMacEsq :

If there is something else that I can help you with, please let me know.

RGMacEsq
RGMacEsq, Attorney
Category: Business Law
Satisfied Customers: 17,515
Experience: Licensed Texas General Practice Attorney
Verified
RGMacEsq and 87 other Business Law Specialists are ready to help you
Ask your own question now
Ask RGMacEsq Your Own Question
RGMacEsq
RGMacEsq
RGMacEsq, Attorney
Category: Business Law
Satisfied Customers: 17,515
17,515 Satisfied Customers
Experience: Licensed Texas General Practice Attorney

RGMacEsq is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, 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

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

17,515 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
If a refusal to settle a contract because of coerced
if a refusal to settle a contract because of coerced pressure and compelling circumstances obligated to be settled without a judge decision … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,698 satisfied customers
If two parties are named in a contract that are suppose to
If two parties are named in a contract that are suppose to both be Calif. LLC's, and the two parties are to perform certain stipulation in the contract but one of the two parties named in the contract… read more
LegalGems
LegalGems
Juris Doctorate
10,718 satisfied customers
My former firm Failed to report bankruptcy on u4 despite
My former firm Failed to report bankruptcy on u4 despite being notified and me filling at u4 twice. I found out they didn't do it as a was looking for another firm and I disclosed it to them and they … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I'm suing a contractor for breach of contract - he refused
I'm suing a contractor for breach of contract - he refused to honor the contract we had in writing. I'm suing for the difference between his contract estimate and the contract of another contractor, w… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,296 satisfied customers
I signed a merchant agreement contract with a company in NY.
I signed a merchant agreement contract with a company in NY. After two years of the contract I noticed different amounts were being pulled from my bank account. I repeatedly tried to contact the compa… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I entered into a contract with my ex-wife to purchase a
I entered into a contract with my ex-wife to purchase a house that I lost to her in the divorce. I am to make monthly payments of $350.00 for 74 months or I can pay off at anytime. I have been making … read more
Lori
Lori
Juris Doctor
288 satisfied customers
Second opinion] Would bankruptcy be a good solution to halt
Second opinion] Would bankruptcy be a good solution to halt a suing opponent from trying to pierce the corporate veil against my LLC? Specifically they are trying to serve a Subpoena to provide my LLC… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
Would bankruptcy be a good solution to halt a suing opponent
Would bankruptcy be a good solution to halt a suing opponent from trying to pierce the corporate veil against my LLC? Yes my company really is bankrupt, only I havent had money to even file until rece… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I am working on an agreement (contract to company) to work
I am working on an agreement (contract to company) to work for a Master Distributor to manage develop the business. I had a originally proposed setting up and LLC and making each of us 50 / 50 partner… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,296 satisfied customers
I need to have a contracts electronically signed so it is
I need to have a contracts electronically signed so it is legally binding. Please send me links to sites that do this. Free would be great :)… read more
Barrister
Barrister
Attorney
Doctoral Degree
646 satisfied customers
I have a question regarding an international contract that I
Hi, I have a question regarding an international contract that I want to cancel It is between US citizen and EU citizen … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I need a template for a for a contract and have it
I need a template for a for a contract and have it notarized. I am going to partner with a person to create a website. I am the developer and he is going to finance the project. How do we get it notar… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,387 satisfied customers
Looking for someone with government contract experience.
Looking for someone with government contract experience. Looking to file a grievance and need advice… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,296 satisfied customers
A customer in our company wants a new contract, instead of
Hello, A customer in our company wants a new contract, instead of an Amendment, because their original contract from 2010 has names of individuals who are no longer with the company. He is not trying … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Regarding terminating a business contract with a billing
Regarding terminating a business contract with a billing company that processes our billing. Both I and my partner signed contract as required by our Operating Agreement for the business . The billing… read more
LegalGems
LegalGems
Juris Doctorate
10,718 satisfied customers
If a party (who is a debtor in a bankruptcy) brings a
if a party (who is a debtor in a bankruptcy) brings a lawsuit against another party outside of bankruptcy, and the debtor party keeps filing bad faith claims through his lawyer when there is evidence … read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
Question about business/contract law breach of contract and
question about business/contract law breach of contract and file a complaint I like to consult with an attorney preferably from ILLINOIS… read more
Damien Bosco
Damien Bosco
3,391 satisfied customers
Contract I'm being contracted by a divorce attorney to
ContractI'm being contracted by a divorce attorney to provide accounting work in a case. Do you have samples of contracts that I can use to send to the attorney? It is mainly to protect any emails or … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,387 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x