When evaluating the Nebraska Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits identified in a seller's files, it is important to thoroughly understand the implications of each type of document. These records reveal a comprehensive financial snapshot, potentially impacting the purchase or sale of a property. Familiarize yourself with the following key terms related to each category: 1. Nebraska Liens: — Mechanic's Lien: A type of lien that contractors, subcontractors, or suppliers may file against a property to secure payment for their work or materials related to construction or renovations. — Tax Lien: Placed by local, state, or federal government agencies when a property owner fails to pay taxes. These liens can take priority over other types of liens. — Judgment Lien: Arises when a judgment is issued in a lawsuit, allowing the winning party to claim a lien against the debtor's property. 2. Mortgages/Deeds of Trust: — Mortgage: This document outlines the lender's security interest in a property. It offers the lender the right to foreclose if the borrower defaults on their loan payments. — Deed of Trust: Similar to a mortgage, it is a legal document granting a lender a security interest in a property. In Nebraska, it is commonly used instead of a mortgage. 3. UCC Statements (Uniform Commercial Code): — UCC Financing Statement: Filed to establish a lender's priority in personal property collateral obtained as security for a loan, like inventory, equipment, or accounts receivable. — UCC Fixture Filing: Pertains to security interests in fixtures, which are items of personal property affixed to real property. This document ensures that the lender's interest supersedes any subsequent purchasers. 4. Bankruptcies: — Chapter 7 Bankruptcy: Commonly referred to as liquidation bankruptcy, it involves the sale of non-exempt assets to repay creditors. — Chapter 13 Bankruptcy: Known as a reorganization bankruptcy, it allows individuals with a regular income to develop a plan to repay their debts over time. 5. Lawsuits: — Civil Lawsuit: A legal dispute between two parties, with one claiming harm caused by the other. Lawsuits can encompass a variety of matters, including breach of contract, personal injury, or property disputes. When examining a seller's files, carefully review these types of documents to understand the extent of potential financial liabilities and their impact on the transaction.
Nebraska Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files
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How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
Secretary of State - UCC Contact Information: Phone: (402) 471-4080. Fax: (402) 471-4429. Mailing Address: P.O. Box 95104, Lincoln, NE 68509. Overnight Mailing Address: 1201 N Street, Suite 120, Lincoln, NE 68508. Send E-Mail to: UCC.
UCC-3 party amendments: A UCC-3 amendment is a type of filing used to change or add critical information about the debtor or the secured party. For example, they can be used to change the name or the address.
The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default. However, in many cases, the terms UCC lien and UCC filing are used interchangeably.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. ... Visit your secretary of state's office. ... Dispute inaccurate information on your business credit reports.
