Asset Location law firm with Lincoln and Morgan 2022 : The major advantage of being a secured commercial lien holder is the lien holder’s ability to secure the entirety of the pledged assets as collateral as established through the security agreement and evidenced by the UCC Lien. The security agreement clearly identifies the specific secured collateral that is being pledged. The problem occurs at the point of default of the funding agreement and when the recipient refuses to surrender the secured collateral as was required by the agreement. Discover more information at Lincoln & Morgan.
We (Lincoln & Morgan) can perform in-depth and detailed financial investigations on each company and guarantor. This gives us the confidence upfront to know we are making a solid decision in the pursuit of the secured collateral. In the event the investigation shows possible discrepancies in the financial documents provided by the recipient we can notify the Lien Holder of the discrepancies so that a decision on all the possible methods of remedy can be considered.
Preparation: Having agreed to mediate, the parties will need to appoint a mediator and draw up the mediation agreement. This agreement will evidence the fact that the parties have agreed to resolve their differences by mediation, and record the date and venue of the mediation, the choice of mediator and who will attend. Other issues it should cover include costs of the mediation and how these will be split between the parties, and the fact that the mediation is confidential and without prejudice. In terms of preparing for the mediation itself, the parties exchange written submissions together with any supporting documents in advance. These are usually summaries of the parties’ respective legal cases and commercial positions.
The results of this survey clearly demonstrate the critical importance of taking positive action when an accounts receivable ages past its due date. Today’s competitive economy requires that companies maintain a healthy cash flow with the ability to adapt to changing market conditions. Companies must take a hard line on past due receivables, and turn them over to professional help when their internal efforts have not proved successful and within 120 days.
Merchant cash advance companies use these liens as weapons to coerce you into paying a debt that you may not even owe them. A UCC lien is supposed to be a shield, to protect the funder from businesses who take money and try to run away with it, without paying the funder back. However, if a merchant cash advance company claims that you have defaulted, even if you have not, the company can still make the same demand, using this lien as a sword rather than a shield.