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  1. #11
    Join Date
    Jul 2018
    Posts
    1,168

    Default Re: Ucc-1 and Right of Removal of Secured Collateral

    I find it odd that a mortgage lender or title insurer would care about a UCC-1 on personal property, but I'm not in Florida. Also, I assume this is the buyer's or lender's title company. Will the title company write the policy with an exception for the UCC-1?

    I agree that your friend should seek a consultation with a local attorney.

  2. #12
    Join Date
    Mar 2013
    Posts
    16,744

    Default Re: Ucc-1 and Right of Removal of Secured Collateral

    Quote Quoting JimInFL
    View Post

    "Title regarding the real property is not impacted by a UCC-1" Not at all doubting you here. He is being told, relayed by his agent, told to me by him, that the title company won't grant title insurance unless the system is paid and/or removed.
    That's my point. The title company won't grant title insurance which means that the mortgage company won't lend the buyer the money without the title insurance which means the sale doesn't go through.

    I don't know where he got the idea that just removing the system changes anything.

    I'll wager that if he asks the title officer point blank if documentation from the equipment company releasing the UCC filing is necessary he'll find out that it is required. Title companies don't do things on sayso, they do things based on documentation lest the title company be on the hook for a title claim.

    Quote Quoting JimInFL
    View Post

    Money is very much a factor for him, and with paying off the loan he will, if lucky, break even.
    He may just have to accept breaking even and be thankful he doesn't have to come out of pocket a few thousand.

  3. #13
    Join Date
    Mar 2019
    Posts
    6

    Default Re: Ucc-1 and Right of Removal of Secured Collateral

    The issue is that it is attached to the house, and therefore with a UCC filing on it, cannot convey. Therefore it clouds the title. At least that is the (much more vaguely worded) reason I got.

    Yup - he has to be on his own from here on out.

    Sorry, I should have been quoting people here - the above was to PG1057.

    Adjuster, you're right. He has to deal with the current issue, and then seek redress from the ex if there be any to be had.

  4. #14
    Join Date
    Jan 2006
    Posts
    38,330

    Default Re: Ucc-1 and Right of Removal of Secured Collateral

    If your friend has made one single payment on the system he has ratified the contract by action. The claim of forgery will be meaningless after that.

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