[bdshaw]

I hear often that MCA lenders or purchases don't file liens but many fill UCC-1's.
What is a UCC-1 filing if not the notice of a lien against assets under Article 9 of the code?
There are lenders and broker/Iso's misrepresenting this often and that sometimes results in complaints from clients that move on to cheaper funding.
For an industry that does not want to be regulated we sure stepp over the line often.
Bob Shaw 734-929-3800

[Chambo]

Folks don't file UCC's so 1) they are not preyed upon by other ISO's and 2) they are a second position company, therefore, they really have no legal right to much.

I don't believe that a UCC filing is mandatory. This industry only started filing them back in late 2006, 2007, so as to alert other entities that they were there (to prevent double funding). Now that practically everyone is stacking irregardless, many probably feel there is no need.