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Old 12-12-2004, 02:47 PM
sweed61
 
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The UCC-1 serves as a notice filed with the county or state that indicates there is a Security Agreement in place. In this case between the Strawman/Debtor and the Living Soul/Creditor. It depend on what assets are pledeged by the Strawman to the LS in the Security Agreement. Let's say your SA indicates all assets owned or hereafter acquired will be pledged to the LS. If a lending institution catches the "blanket" language, they will get a release of lien by the LS on the specific asset. That way, you can get financing.
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