How can a bank file a ucc on equipment not purchased for years in an all asset blanket ucc filing?
You can’t Have an employee sign a release for something in the future that has not happened.
How can a bank file against all future unknown assets?
The purpose of the blanket UCC is to secure all assets of the company as collateral for the loan. The blanket UCC is not time specific in terms of when the assets are acquired. If your business purchases a piece of equipment it becomes part of the assets of the company and therefore covered by the blanket UCC. Conversely, if your business sold a piece of equipment the blanket UCC would not impact the sale of that equipment (unless the equipment was specifically listed and identified on the UCC filing).
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
355 Lexington Avenue, 18th Floor
New York, NY 10017
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.