Can a bank that holds a UCC agreement on the stock/product take funds from an auction the business had when the business failed without filing a court action first?
Typically a bank that holds a UCC agreement cannot take funds without filing a court action first.
However, every situation is unique and your attorney is the best person to consult on this matter.
Thanks for asking!
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.