Quote:
Originally Posted by Fred
Thanks for the responses about the vault. Based on what I read, I guess I'm a traditional collector and not very progressive. I like to hold the cards I acquire. Holding them (to me) is what it's about.
What happens if one of these companies declare bankruptcy or is sued and forced into receivership? Is there a contract which ensures that the "owner" of the card(s) will receive them and that the cards are not liquidated to pay off creditors? I'm assuming this is the case.
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Last paragraph, post #20. Had been discussed before in other thread(s) how if the vault company has a problem (bankruptcy, etc.) that your cards may not be automatically returned to you. Making a UCC filing with the applicable Secretary of State's office listing all your cards held in a vault would be how to protect your property being held for you by someone else. The filing documents your ownership of the listed property. You'd need to update and keep making new UCC filings as you made changes to what was being held in a vault for you, so it isn't necessarily just a one-time filing to protect your assets being held in a vault.