If you are working toward a traditional bank loan to grow your business, a Uniform Commercial Code (UCC) lien on your assets could stop you before you even begin. Hence, understanding how these liens work helps you take the right steps to protect your financial...
Merchant cash advance (MCA) funders file UCC-1 financing statements to secure their interest in your future sales. When you finish your payments, the funder should end these liens. Many business owners find that old filings stay active and block new funding. You can...
Merchant cash advances (MCAs) can be a lifeline for small business owners across the country, as well as in New York. This system offers access to quick cash for when entrepreneurs are in a pinch. However, MCAs are not considered commercial loans and face far less...
Many business owners treat a Uniform Commercial Code-1 (UCC-1) filing as a formality. You sign it at closing, file it away and give it little thought afterward. However, a single missed payment changes that picture entirely. That missed payment acts as a trigger,...
Daily Merchant Cash Advance (MCA) payments can drain your account while funders, now subject to increasingly strict New York disclosure laws, keep the pressure on. If you have considered closing your business and starting fresh to leave the debt behind, understand...
Finding out that a UCC claim has been filed against your company can be shocking and stressful, especially when it comes as a complete surprise. Many business owners feel blindsided, suddenly facing risks, such as frozen accounts and asset seizures. While the...
A Uniform Commercial Code (UCC) lien enforcement occurs when a lender takes formal action to seize future receivables or business assets tied to a merchant cash advance (MCA) agreement. This process allows MCA companies to move directly against the property or cash...
Yes, a UCC filing can reach your personal assets if you signed a personal guarantee. Many merchant cash advance funders include these clauses in the fine print of your contract. We know how stressful it is to realize your family home or bank account is suddenly at...
Paying off your loan can bring a sense of relief, especially with the termination of a Uniform Commercial Code (UCC) lien. However, if you’re planning to start a new business, you might wonder whether that UCC filing can still affect your next venture. This question...
Merchant cash advance (MCA) debt can be a significant burden for a New York business. In New York, courts use a three-factor test to determine if a transaction is a true purchase of future sales or a disguised loan. If a judge finds the agreement is actually a loan...