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12-01-2016, 11:43 AM #1
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12-01-2016, 11:33 AM #2
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12-04-2016, 04:15 PM #3Karen37aGuest
I agree with Staten.
And Anyone can sue anyone for any reason These arguments are based on law theories which are based on contract, tort and other common law.
I would have to have had the original contract and be aware of language of it to tortiously interfere with it. Since I cant find the lien on the Ucc lien search I wasn't aware of what it was ( shameful-sarcastic poking at the UCC hiding tactic so you disclose and make my ucc search easier )
I do not like posting these things for public consumption but here it goes.
People use tactics like legal extortion to get out of paying valid $$ to the Lenders they borrow from, now Lenders are using those same tactics? to blame other lenders? Or lock up competition in the market?
I do not believe you could ever win. Unless the other party had that Lawyer from My cousin Vinny.These cases wind up being nothing more than a nuisance case and wind up costing $$ in legal fees. This is a tactic to scare people away .IMO. But you can win, you never know... then you open up a whole new cornucopia of dastardly deeds to follow.I do not believe in overextending the merchant( and I do not do it), but in the end it was the merchant's decision.
There is something called In pari delicto...dirty hands doctrine.
If you are not 100% ethical, dont hold me to the highest standard . So If you ever stacked a merchant, and continue to stack merchants.. can you sue for stacking? Yes. Can you counter sue for Abuse of process . yes. ( not saying that anyone in particular is stacking)If you try to gain advantage or keep a client all to yourself you are creating a Fiduciary relationship with the merchant and Fiduciary breaches could be established if you dont dot an I or cross a T .Then if something goes wrong you can also be charged with aiding and abetting and breach of the Fiduciary Duty blah blah , in steps compliance to say everything is ok.
This is my opinionThe mere existence of a contract does not create a Fiduciary or exclusive relationship, in order to tortiously interfere you have to knowingly do it and with improper motives.
Business's who become insolvent do not necessarily do so because of the interference or stacking that occurs. There is acceptable interference and Tortious interference. Stacking ( responsibly ) without over extending etc isn't tortious in and of itself; it must be intentionally immoral or unethical.
If you do not have an improper motive..negligence is not enough. Now its on a Case by Case basis ( some senior secured debt holds up to the tortious interference test)...prove improper motives and also that the merchant wasn't going under with or without the stack ( if it was a default case). If you can find him and he didnt defraud the second lender as well.
That guy is taking the 5th or off to costa ricaAnd as stated previously I am not a lawyer or expert in Tort law.But I am going to get my Merchant Cash Advance Certificate and Hang it on the wall ! Then go to underwriting and algorithm school... sorry : ) My brokers are lol ...joking..the MCA certificate will actually be good for voluntary compliance for New brokers not regulation.
Stare DecicisLast edited by Karen37a; 12-05-2016 at 09:34 PM. Reason: typos . grammar as usual
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12-01-2016, 11:04 AM #4
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12-01-2016, 11:07 AM #5
- Join Date
- Nov 2014
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- NYC
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Nobody does that and if they do they can and most likely will get sued. The point of a UCC is to inform others that you have an interest in the company (not always secured) as is the case with MCA UCC. It isn't secured because you are purchasing future receivables and if there are no receivables you purchased air...
David Obstfeld
Chief Executive Officer
SOS Capital
1330 Ave of the Americas, NY, NY 10019
212-235-5455
SOSCapital.com
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12-01-2016, 11:24 AM #6
I have never heard of a NO STACKING UCC
how does this differ from a regular ucc and what makes anyone think that people will listen and not stack. Most stackers dont even do a UCC search all hey do is look at the bank account and see who is taking payments and see if they think they can get in and out before the business goes under. They dont care about the positions in front of them so why would they care about the UCC filedJohn Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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12-01-2016, 11:43 AM #7
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- NYC
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David Obstfeld
Chief Executive Officer
SOS Capital
1330 Ave of the Americas, NY, NY 10019
212-235-5455
SOSCapital.com
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12-01-2016, 01:06 PM #8
There are actual banks who use and visit this forum, non-bank lenders, factors, mortgage companies, and companies that purchase future receivables (also a type of factor). It's not all MCA on here and everyone should use language consistent with the products they offer.
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12-01-2016, 01:09 PM #9
If that is language used in another part of the financing industry it is language I have never heard and just came off sounding a little off in the context of the conversation we are having in the thread
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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12-01-2016, 01:53 PM #10
- Join Date
- Oct 2016
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- 4,318
What, you guys never heard of the "Please Stack Me UCC"?
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12-01-2016, 01:59 PM #11
- Join Date
- Oct 2016
- Posts
- 4,318
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