Taking out a merchant cash advance often requires securing the funds with a legal safety net. Lenders protect their position by filing a public document called a Uniform Commercial Code financing statement. This filing creates a public claim on your company...
Running a business is hard when daily withdrawals drain your bank account. You may feel trapped by payments that do not reflect your current sales or revenue. Many owners do not realize their merchant cash advance (MCA) contracts contain a safety valve known as the...
Settling a merchant cash advance (MCA) can bring major relief, but the final payment should not be your only concern. If the funder recorded a UCC financing statement, that public record may still create problems after you resolve the MCA debt. UCC stands for Uniform...
When a lender repossesses collateral or sells it after a default, the Uniform Commercial Code sets the rules they must follow. Many creditors skip steps or rush the process. Here's how you can check their work. Start with the default notice Unless specifically...
An unauthorized UCC lien on your business is a public claim against your assets. Filed without a valid security agreement, it directly threatens your company's financial health. You have rights and can take action to address an improper lien. What an unauthorized lien...
Business owners might feel like celebrating the moment they wire their final payment to a Merchant Cash Advance (MCA) provider. Still, making the final payment does not automatically clear a Uniform Commercial Code-1 (UCC-1) lien in New York from the public record....
Buying new equipment or inventory is often necessary to keep your business running. However, certain contract terms could make those purchases collateral for old debt. Reviewing your documents can help you avoid surprises when seeking financing or selling property....
As a licensed professional in New York, your practice is both your livelihood and reputation. When creditors file Uniform Commercial Code (UCC) liens or obtain judgments against your business, the consequences can be severe. These legal encumbrances can cloud your...
Finding a UCC filing on your credit report can be alarming, leading many business owners to fear they have been sued or that their bank accounts could be at risk if a creditor later obtains and enforces a judgment. A Uniform Commercial Code (UCC) filing and a court...
Funders can freeze a company's credit by filing a premature UCC-1 financing statement before providing any funding. This practice happens when a potential funder rushes to secure priority over assets while the business is still shopping for capital. This blocks other...