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02-10-2018, 11:35 AM #1
FYI, Anyone can file a UCC3 Termination, this also means the borrower, and the only repercussion is civil court - how do i know this,
I filed ucc's against someones business as additional collateral for a HM loan we did, 3 weeks after that he filed the UCC3 and had it removed so he could get an MCA and the only way we found out is when we went to update - so i called the state of Florida and they in fact told me that" Anyone" can file termination and that they are merely record keepers and not an enforcement agency and that my only recourse was civil court.
Side Bar - And in the MCA world it is considered a sale of future proceeds, and not a loan, there is technically no debtor or creditor. so they may not be valid -and to extend that a bit further, most MCA companies contract is under one name and UCC under another and if that ever went to court - the argument would be, " Show me the contract where i entered into an agreement with XYZ company that listed on the UCC.
So i asked, don't you require id of paperwork from the person filing the termination - answer was NO!
[B]
Last edited by Jstarr; 02-10-2018 at 12:31 PM.
Jerry Starr
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