Maryland Liens: In the state of Maryland, a lien is a legal claim that can be placed on a property or an asset to secure the payment of a debt or obligation. Liens can be filed by various parties, including creditors, contractors, and the government. There are different types of liens that can be identified in a seller's files, including: 1. Mechanics' Liens: Mechanics' liens are filed by contractors, subcontractors, or suppliers who have not been paid for their work or materials used in construction or improvement of a property. These liens provide a way for these parties to seek payment by potentially forcing the sale of the property to satisfy the debt. 2. Tax Liens: Tax liens can be filed by federal, state, or local tax authorities when a property owner fails to pay their property taxes. These liens allow the government to recover the unpaid taxes by potentially foreclosing on the property. 3. Judgment Liens: Judgment liens can be filed by a creditor who has obtained a court judgment against a debtor. These liens can be placed on the debtor's property to ensure that the creditor receives payment from any proceeds generated from the sale of the property. Mortgages/Deeds of Trust in Maryland: Mortgages and deeds of trust are legal instruments that establish a lender's security interest in a property and provide the lender with the right to foreclose on the property if the borrower fails to make loan payments. In Maryland, a deed of trust is more commonly used than a traditional mortgage. The different types of mortgages/deeds of trust that can be identified in a seller's files include: 1. First Mortgages/Deeds of Trust: These are the primary loans secured by the property and typically have the highest priority in terms of repayment in the event of default. 2. Second Mortgages/Deeds of Trust: Second mortgages/deeds of trust are subordinate to the first mortgage and use the property as collateral. They are often used for financing purposes, such as home equity loans or lines of credit. UCC Statements in Maryland: In Maryland, a Uniform Commercial Code (UCC) statement is a document that is filed to publicly disclose a security interest in personal property. UCC statements primarily apply to business transactions where the personal property serves as collateral for a loan. These statements provide notice to other creditors and potential buyers that a particular asset may have an existing lien or security interest. Bankruptcies and Lawsuits Identified in Seller's Files: Bankruptcies and lawsuits are legal actions that can be identified in a seller's files, potentially impacting the sale of a property. These documents provide information about any past or ongoing legal proceedings involving the property or the seller, which can affect the buyer's decision-making process. Bankruptcy records can reveal whether the seller has filed for bankruptcy protection in the past, which may affect their ability to sell the property or any outstanding debts associated with the property. Lawsuits identified in the seller's files can include civil litigation related to the property, such as disputes over ownership, boundary issues, or breach of contract cases. These lawsuits can give potential buyers insights into any current legal disputes or potential liabilities tied to the property. It is crucial for buyers to review these documents thoroughly to understand any potential risks associated with the purchase.
Maryland Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files
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So, to sum it up: the title is like a certificate of ownership, while the UCC 1 financing statement is like a public notice of a security interest. It's kind of like saying, "I own this thing, but I owe someone else money for it, so don't mess with it unless you want to deal with them too!"
However, generally speaking, the primary ways for a secured party to perfect a security interest are: by filing a financing statement with the appropriate public office. by possessing the collateral. by "controlling" the collateral; or. it's done automatically when the security interest attaches.
A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
?How to File UCC Documents with the Department Filing Fees: Filings of 8 or fewer pages cost $25 and filings of 9 or more pages cost $75. If you have further questions please email the UCC division at sdat.ucc@maryland.gov or call at 410-767-1459.
?UCC? stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments. The Uniform Commercial Code is a comprehensive set of statutes created to provide consistency among the states.
The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default. However, in many cases, the terms UCC lien and UCC filing are used interchangeably.
Let's briefly look at each of these requirements. Value is Given for the Security Interest. ... Debtor Has Rights in the Collateral. ... The Debtor Authenticates a Security Agreement. ... Filing a Financing Statement to Perfect the Security Interest. ... Possessing the Collateral to Perfect the Security Interest.
Methods to Remove a UCC Filing Ask the lender to terminate the lien upon payoff. Visit your secretary of state's office. Dispute any inaccurate information on your business credit report.
If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.
