unscrupulous lending (by scott [PA]) Apr 14, 2021 4:23 PM
unscrupulous lending (by razorback_tim [AR]) Apr 14, 2021 4:28 PM
unscrupulous lending (by Sisco [MO]) Apr 14, 2021 6:11 PM
unscrupulous lending (by Nicole [PA]) Apr 14, 2021 10:33 PM
unscrupulous lending (by James [GA]) Apr 15, 2021 1:06 AM
unscrupulous lending (by Steve [MA]) Apr 15, 2021 5:45 AM
unscrupulous lending (by scott [PA]) Apr 15, 2021 9:36 AM
unscrupulous lending (by scott [PA]) Apr 15, 2021 9:36 AM
unscrupulous lending (by scott [PA]) Posted on: Apr 14, 2021 4:23 PM Message:
Just learned of a UCC Filing against assets owned by our company.
This was generated by a bank which funded a loan for us back in 2012.
We have had other issues/surprises with this lenders’ practices and wondering if - it would be considered an unscrupulous lending practice to enter a UCC Filing without a clear conspicuous agreement to do so?
--73.187.xxx.xx |
unscrupulous lending (by razorback_tim [AR]) Posted on: Apr 14, 2021 4:28 PM Message:
I think its pretty standard practice for commercial loans. --107.77.xxx.xx |
unscrupulous lending (by Sisco [MO]) Posted on: Apr 14, 2021 6:11 PM Message:
Ditto what Tim said. Every commercial lender will file UCC’s. --67.43.xxx.xxx |
unscrupulous lending (by Nicole [PA]) Posted on: Apr 14, 2021 10:33 PM Message:
why wasn't it filed at the time you borrowed the money? Oversight? Concern about your payments? Are you selling assets that secured the loan? --72.70.xxx.xx |
unscrupulous lending (by James [GA]) Posted on: Apr 15, 2021 1:06 AM Message:
I'd call it standard procedure by many banks. --67.41.xxx.xx |
unscrupulous lending (by Steve [MA]) Posted on: Apr 15, 2021 5:45 AM Message:
Has there been any event (change in your company's ownership, sale of the bank, increase in the loan's outstanding balance, etc) that might have triggered this filing? How did you discover it?
Are you sure they didn't file one back in 2012 when the loan was originally made. I believe that UCC filing is only good for 5 years so they may have done an initial filing in 2012, a second filing in 2017 & are now doing a third one. Presuming that at least part of the loan balance is still outstanding they have the right to do this. --71.184.xxx.xx |
unscrupulous lending (by scott [PA]) Posted on: Apr 15, 2021 9:36 AM Message:
Thanks all for your experience with UCC Filings.
We formed the entity it was filed against in 2005.
Interestingly, Have had multiple commercial loans before and after 2012 (other lenders and other entities) without a UCC Filing.
Thanks again for the education - learn something new everyday in this business
--73.187.xxx.xx |
unscrupulous lending (by scott [PA]) Posted on: Apr 15, 2021 9:36 AM Message:
Thanks all for your experience with UCC Filings.
We formed the entity it was filed against in 2005.
Interestingly, Have had multiple commercial loans before and after 2012 (other lenders and other entities) without a UCC Filing.
Thanks again for the education - learn something new everyday in this business
--73.187.xxx.xx |
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