Puerto Rico Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files
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How to fill out Liens, Mortgages/Deeds Of Trust, UCC Statements, Bankruptcies, And Lawsuits Identified In Seller's Files?
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The purpose of the Commercial Transactions Act is to expedite and facilitate the banking transactions in Puerto Rico and the United States by creating uniformity and consistency in the financing of chattel mortgages and other negotiable instruments. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 ... uscourts.gov ? Opinions ? BAP uscourts.gov ? Opinions ? BAP
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.
A UCC filing is the official notice lenders use to indicate that they have a security interest in a borrower's assets or property. 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.
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!"
It's possible to avoid a UCC filing by taking out an unsecured business loan rather than a secured one. For example, many online and alternative lenders offer unsecured loans, and you can get an SBA 7(a) loan of up to $25,000 without collateral.
The Former PR UCC was in effect until January 13, 2013, when it was repealed and replaced with Puerto Rico's current version of the statute (the ?Revised UCC?). See Act No. 241-1996; see also Act No. 21-2012. PR UCC Definition - Law Insider lawinsider.com ? dictionary ? pr-ucc lawinsider.com ? dictionary ? pr-ucc
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. UCC Filing: What It Is and How It Impacts Your Business - NerdWallet nerdwallet.com ? article ? small-business ? u... nerdwallet.com ? article ? small-business ? u...
