Quote:
Originally Posted by Exhibitman
Yes, you are completely wrong. One of the hard lessons from the Mastro-Legendary fiasco was that when an AH goes into bankruptcy any assets on its premises are deemed part of the bankruptcy estate unless there is a perfected security interest in the items, aka a UCC-1, filed in the state where the items are located. You as the consignor become another unsecured creditor with a claim against the AH for the value of your stuff, aka the lowest form of life in the bankruptcy food chain. If you file the UCC-1, which is cheap and easy to do online, then the world is on notice that those items are yours, not the holder's and if there is a seizure or bankruptcy, you won't have to fight a nasty case to retrieve them from the seizing authority or stand in line with the other unsecured scumbags.
|
Adam,
So does that mean that if a bank files for bankruptcy that everything in the safe deposit boxes they rent out to customers can just be taken by the court/creditors unless everyone has filed a UCC statement? That does not seem possible. But if it is, the same would be true for a storage locker rental place, and everything people stored there could be taken as well? So now I have to ask, what about an apartment building or even just a double, the property owner goes bankrupt and all the renter's personal property, belongings, and assets they have in their apartments can be taken by the courts/creditors??? If that is actually true, that is pure insanity!
07-27-2021, 11:03 PM
Similar Threads
Threaded Mode