A continuation statement is an amendment attached to a UCC-1 financing statement. Continuation statements extend the lender’s lien on the borrower’s collateral past the original financing statement’s.
A blanket lien, also called a UCC-1 lien, gives a lender a legal claim to all of a borrower’s business assets if the borrower defaults on the loan. In the event of a default, the lender can seize all of the business’s assets up to the value of the debt, and sell them to repay the debt.
Even if you don’t default on a loan, a blanket lien can cause problems for your business. Businesses with a lien already on file may have a difficult time attaining additional forms of financing. In instances when there are multiple liens placed on your business, the first lender to file a UCC lien claims priority.
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blanket-lien definition: Noun (plural blanket liens) 1. (law) A lien that gives the lienholder the entitlement to take possession of any or all of the lienee’s real property to cover a delinquent loan..
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A blanket lien is a lien that gives the right to seize, in the event of nonpayment, all types of assets serving as collateral owned by a debtor. A blanket lien, theoretically, gives a creditor a legal interest in all of the debtor’s assets. Blanket liens provide maximum protection to lenders, but minimum protection to borrowers.
Contents Liens provide maximum Definitions.net dictionary. information Definition: noun (plural blanket liens Current home. bridge Blanket definition is – a large usually oblong piece of woven fabric used as a bed covering. blanketed; blanketing; blankets. Definition of blanket (Entry 2 of 3).
Definition of blanket inventory lien: A type of secured loan that will give a lender a lien against all of the inventories of the borrower. Dictionary Term of the Day Articles Subjects