Workout
Your commercial finance dispute is resolved, not by a court, but by a private party.
What is arbitration?
The perfection of a security interest in this type of collateral is made through filings with the Surface Transportation Board.
What is rolling stock (i.e. railcars)?
The that law provides suppliers with a right to payment before all other creditors, including secured lenders with blanket liens.
What is PACA?
The act by which a secured party obtains possession and control over collateral.
What is repossession?
A non-possessory lien in an airplane for repair work completed or parts supplied.
What is an aircraft mechanic’s lien?
You agree to give the borrower more time but receive a release and other benefits in return.
What is a forbearance agreement?
In addition to a state UCC filing office, where a secured party may want to make a filing with respect to a security interest in a patent.
What is the U.S. Patent and Trademark Office (USPTO)?
A “secret” lien that you may only know about if a “NFTL” is filed, but that arises once the debtor fails to pay Uncle Sam after notice and demand.
What is a federal tax lien?
An action in state court pursuant to which the sheriff repossesses the collateral for the secured party.
What is a replevin action?
Number of days a veterinarian must hold an unclaimed pet after the completion of veterinary care before it can sell the animal to compensate for the unpaid care.
What is ten days?
You are stayed (automatically) from exercising your rights and remedies.
What is bankruptcy?
The method of perfecting a security interest in a deposit account.
What is control?
A lien that, in Minnesota, must be filed within 120 days after the claimant last furnished materials or labor to a project, but attaches upon the first visible improvement to real property.
What is a mechanic’s lien?
An action that often achieves the maximum sales price for collateral through a competitive bidding process?
What is a public sale/auction?
This lien allows a dry cleaner to keep your clothes until you pay for the services performed.
What is a launderer’s lien?
This law resulted in your security interest becoming unperfected after the borrower changed its name.
What is Article 9 of the Uniform Commercial Code?
The way in which a security interest in goods, negotiable interests and money is perfected.
What is possession?
A lien that may be acquired in property by someone who provides storage services for that property.
What is a warehouseman’s lien?
An action that is rarely employed unless there is a market quotation for the value of the collateral.
What is a private sale?
Perfection of this lien is accomplished by filing a lien notation on the certificate of title.
What is a motor vehicle lien?
Your borrower defaulted and a result of sending this you are now receiving payments from the borrower’s customers.
What are account debtor notices?
Where filings are made to perfect security interests in aircraft.
What is the Federal Aviation Administration (FAA)?
A lien that a creditor, who has extended credit to a debtor to allow the debtor to acquire rights in the collateral, has a 20-day grace period to perfect, and which will give the subsequent creditor priority over an existing lienor.
What is a PMSI?
An action by which a secured party take the collateral in full or partial satisfaction of the indebtedness.
What is full or partial strict foreclosure?
Number of days after the loss of possession that a party storing goods as a bailee, transporting goods, using and storing molds and patterns to produce good has to file a non-possessory lien against such goods or molds and patterns.
What is 60 days?