Quote:
Originally Posted by Exhibitman
Complete and utter BS. Whether they claim ownership of the asset they hold is irrelevant. As we found out when Legendary went into BK, unless you perfected a security interest in the assets, even if the bailee claims no ownership of the asset, its unfettered possession of the asset (unlike a safe deposit box, where you have the key that allows access) means that it is all considered part of the BK estate until the court sorts out the creditor claims. You are free to put in a claim in court and try to get the cards back. Good luck with that as an unsecured creditor.
If you are going to let someone hold your cards in a 'vault', take five minutes, spend five bucks, and file a UCC-1 with the secretary of state in the state where the vault is located. Worst case scenario, it is superfluous. Best case, it lets you get your cards back if something goes horribly wrong.
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I think if someone has to even think about the what ifs and go to those lengths to protect themselves, they might want to rethink who they are entrusting.
As far as we all know, PWCC is still a target of an FBI investigation. The outcome might be a slap on the wrist but it might not. Who needs to invite headaches into their life trying to get cards back.