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What Is A UCC Blanket Lien?

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Bianca Crouse

Bianca Crouse

Bianca Crouse has been writing about business loans and finance for three years. In addition to Merchant Maverick, she has appeared in Startup Nation and Business.com, among others. She has a BA in English from George Fox University and lives in the Pacific Northwest.
Bianca Crouse
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8 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Maria

    What if I no longer own the business? What will happen ?

      This comment refers to an earlier version of this post and may be outdated.

      Emily Hale

      Hi Maria,
      I think this would be best answered by a lawyer who specializes in business law because we don’t want to offer advice that we may not be qualified to give. Best of luck!

        This comment refers to an earlier version of this post and may be outdated.

        Nova Business

        Thanks for sharing this article. This article is very informative about UCC Blanket Lien. I also find the tips that you shared here very helpful. These will definitely help me secure my business.

          This comment refers to an earlier version of this post and may be outdated.

          Richard Holmes

          When must the UCC-1 or UCC 904-6 be filed. Is the financing statement suppose to filed at the time of the transaction or at the time of default. There are several contradictory reports but none explain clearly.

            This comment refers to an earlier version of this post and may be outdated.

            Jessica Dinsmore

            Hi Richard,

            I wish we could be of more help, but to be honest, this isn’t something we’ve ever encountered before, so it may be a bit outside of our expertise. I’d rather not give you an answer that I’m not too certain about. If you happen to figure this out on your own, please let us know what solution you find so we can learn how to answer something like this in the future. Best of luck to you!

              This comment refers to an earlier version of this post and may be outdated.

              We Factor

              Thanks for sharing this article. These tips will definitely help me to secure my business. This is really a great article. Very useful and informative.

                This comment refers to an earlier version of this post and may be outdated.

                DAVID FISHMAN

                i have a question: Client sells future credit card charges to hard money lender for a specific amount of money. within the docs is a confession of judgment. to a NY Court. Later there is a default. the buyer of the credit card debt files his confession of judgment in NY and obtains a judgment for huge money and huge penalties and legal fees and costs. Now the judgment creditor does not file the judgment in the County Court under the Sister state Act,; Instead, they serve the credit card processor company with a copy of the NY judgment the result of which is that the card processor freezes the processing and does not pay the borrower his cash flow from the card processing. Now the holder of the judgment is suing this as a means to get the seller of the credit card charges (actually a borrower) to pay a huge lump sum of money to unfreeze the card processing .
                Legal? Illegal? Permitted? Does not the judgment out of NY eliminate the UCC lien? is not the judgment holder now forced to use the Sister State compact to enforce his judgment?

                  This comment refers to an earlier version of this post and may be outdated.

                  Jessica Dinsmore

                  Hi David,

                  I think this would be best answered by a lawyer because unfortunately it is outside our expertise and we don’t want to offer advice that we may not be qualified to give.

                    This comment refers to an earlier version of this post and may be outdated.

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