[SmartAdvanced]

A lot of folks in the business are missing a very important factor that needs to understood.

COJs are basically a threat tool. They're not made to be filed, but rather to leverage the merchants to hold up their agreements for the fair of being filed against. The so called "weaponizing" of the COJ is bluff. A COJ is almost always worthless. It can only capture funds from certain bank accounts and only 5% or even 10% of the time. When you do capture funds, you get 5% or 10% of what you are owed.

Of course there are cases where the COJ "grabs" a big chunk of money, but for the majority of deals that's not the case.

UCCs are far more effective. UCCs can grab very large chunks of cash, cripple a business, and actually force them out of business.

Banks and other finance companies use UCCs to fund Millions of dollars (on singular transactions) and leverage them on a very large scale.

If COJs get banned, UCCs don't. The industry does not go anywhere. You cannot ban UCCs.

[Chambo]

A lot of folks in the business are missing a very important factor that needs to understood.

COJs are basically a threat tool. They're not made to be filed, but rather to leverage the merchants to hold up their agreements for the fair of being filed against. The so called "weaponizing" of the COJ is bluff. A COJ is almost always worthless. It can only capture funds from certain bank accounts and only 5% or even 10% of the time. When you do capture funds, you get 5% or 10% of what you are owed.

Of course there are cases where the COJ "grabs" a big chunk of money, but for the majority of deals that's not the case.

UCCs are far more effective. UCCs can grab very large chunks of cash, cripple a business, and actually force them out of business.

Banks and other finance companies use UCCs to fund Millions of dollars (on singular transactions) and leverage them on a very large scale.

If COJs get banned, UCCs don't. The industry does not go anywhere. You cannot ban UCCs.

But don't you need a court judgment to enforce a UCC?

[SmartAdvanced]

But don't you need a court judgment to enforce a UCC?

No absolutely not. You can collect hundreds of thousands, without any COJ at all.

[MidnightAdvance]

You can use UCCs without COJs.

[Jstarr]

In Florida, anyone can file a UCC3 to release the lien, this happened to me, and when i called the secretary of state and asked how this could happen their response was " we are just a custodian of records" the guy literally filed it 2 days after we recorded.