A secured transaction ensues when an individual or business borrows money to buy real estate, automobiles, or commercial equipment. A security interest is created as soon as a borrower signs a contract allowing the lender, or secured party, to seize assets the borrower possesses if the borrower defaults on the loan. The terms "security interest" [...]
When monetary damages are awarded in a lawsuit, the plaintiff gets a “judgment.” The next step is actually collecting the money – which is not always easy – and is known as enforcing the judgment - or judgment enforcement. As many creditors have discovered, obtaining a judgment against a delinquent debtor rarely results in the [...]
A merchant cash advance involves a contract between you and your provider. If you stop making your payments, it could result in a merchant cash advance breach of contract, and the lender could sue you. The consequences of defaulting on a merchant cash advance agreement can be severe. Small business lenders typically include a provision [...]
Commercial litigation can be a very expensive process for most businesses in terms of distraction and potentially derailing the main purpose of the business. The majority of businesses expect commercial disputes to be solved efficiently and quickly, while maintaining the core business objectives at the front. In this post we look at the definition of [...]
Why should you care about Article 9 of the Uniform Commercial Code as a business owner? The answer is simple: whenever you enter into a financing arrangement, equipment lease or any transaction where an obligation is secured by collateral, UCC Article 9 is there in the background to protect you as long as the agreements [...]
Ever wondered what harmonizes the laws of sales and other commercial transactions? The uniform commercial code was initiated in 1982 as an effort to create commercial laws that were uniform to everyone. In 1986, the uniform commercial law was enacted in each of the American states with more adjustments following soon afterwards. The major adjustments [...]
