Auctioneer Lien Law Webinar Series - The Uniform Commercial Code & Perfected Security Interests
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This webinar describes how a self-storage lien operates and how to determine superior lien holders when enforcing alien on a tenant in default. We will learn how to do UCC Searches and what to do if you find positive results.
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Auctioneer Lien Law Webinar Series - The Uniform Commercial Code & Perfected Security Interests
- 1. 1 THE UCC & Perfected Security Interests
- 2. 2PRESENTER StorageTreasures, Managed by OpenTech Alliance, Inc. Strategic Account Manager & Auctioneer e. crosa@opentechalliance.com c. (404) 643-4528 Auction Licenses: FL - AU4247, GA – AU003807, TX – 17062 *** Contact us for a full list of all team member’s auctioneer license numbers. CHELI ROSA
- 3. 3OVERVIEW 1. Your Rental Agreement 2. Your Lien 3. Lien Attachment 4. Lien Superiority 5. Other Liens 6. Perfected Security Interests 7. Lien Types 8. The Uniform Commercial Code 9. UCC Searches
- 4. 4 Your Rental Agreement • Your rental agreement must state that a lien will attach to the property stored at your facility if the rent is not paid, per the terms of the agreement • Your rental agreement must clearly state the rental amount and when it is due and when the tenant will go into default • Your rental agreement should ask the tenant if they are storing any property covered by a lien
- 6. 6 LIEN ATTACHMENT Your lien must attach before you can begin the lien enforcement process Your lien could attach the day you sign the rental agreement or the day the property is moved in to the facility You might be required to send certain notices before your lien attaches California 21705. (a) If the notice has been sent as required by Section 21703 and the total sum due has not been paid within 14 days of the termination date specified in the preliminary lien notice, the lien imposed by this chapter attaches as of that date and the owner may do all of the following
- 7. 7LIEN SUPERIORITY Your lien could be superior to any liens that come AFTER it, but not those perfected before your lien attached Your lien could be superior to all liens with special exceptions, such as tax liens or motor vehicle liens Your statute could say anyone with a perfected security interest can claim the property
- 8. 8 OTHER LIENS • It is likely your statute makes reference to other lien holders or persons who have filed a perfected security interest and notes that you must identify those parties. State: North Carolina
- 9. 9PERFECTED SECURITY INTEREST Security interest in an asset (mortgaged as a collateral) protected from claims by other parties. A lien is perfected by registering it with appropriate statutory authority so that it is made legally enforceable and any subsequent claim on that asset is given a junior status. Also called perfected lien. Source: http://www.businessdictionary.com/definition/perfected-security-interest.html
- 10. 10LIEN TYPES A lien on all assets often placed by a bank or government organization A lien on business equipment. For example, restaurant equipment or automotive business Rent to own furniture or appliances A lien on jewelry with a financing agreement
- 11. 11UNIFORM COMMERCIAL CODE “The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including contracts related to the sale of goods, leasing of goods, use of negotiable instruments, banking transactions, letters of credit, documents of title for goods, investment securities, and secured transactions”
- 12. 12
- 13. 13 EVERY TIME?
- 14. 14 THE SEARCH
- 15. 15SEARCH RESULTS
- 16. 16 NEXT WEBINAR June 20, 2019 at 3:00 PM EDT A Panel of Self-Storage Operators and Auctioneers Discuss Self-Storage Lien Sales and Answer All of Your Questions
- 17. 17 DO YOU WANT TO REDUCE YOUR LIABILITY? Join our Auctioneers in our new Auction Review Service Program!
- 18. 18
- 19. 19 QUESTIONS
- 20. 20 Cheli RosaANY NAMEcrosa@opentechalliance.com (404) 643-4528 www.StorageTreasures.com West Region Gabriella Rupisan grupisan@opentechalliance.com (602) 324-8690 East Region Steve Santee ssantee@opentechalliance.com (602) 324-8661 Central Region Jorge Becerra jbecerra@opentechalliance.com (602) 324-8655 Mountain Region Brandon Davis bdavis@opentechalliance.com (480) 499-8266 https://www.slideshare.net/chelirosa StorageTreasures Video Channel https://www.gotostage.com/channel/a901df09e52645a9a 10a1eeba779f05c