Secured Transactions and UCC Filings
Many contracts, including sales, financing, real estate and asset sales require security interests be granted to best insure payment of amounts due under the contract or agreement. A security interest is a property right granted as collateral to secure later payment pursuant to a contract, note, or mortgage. The security interest arises from a security agreement, and typically the creditor's rights to reach the collateral occur after a default. A properly enforceable security agreement can also mitigate or protect against the bankruptcy of a counter-party to an agreement or contract. WYR attorneys have drafted many security agreements and filings necessary to create a properly enforceable perfected security interest.
The process starts with a contract, note or guarantee that creates the liability of one party, the primary obligation. The property of that party is identified, which is provided and "posted" in case of default of the primary obligation. A security agreement is then drafted to acquire the security interests and establish maintenance rights to the specified property. Public filings - UCC (statewide) or real estate records (county) - are made to provide notice and best protect the security interests obtained.
WYR attorneys have drafted many security agreements and filings necessary to create a properly enforceable security interest. WYR has filed UCC financing statements and recorded real estate instruments in many states covering a variety of different assets, including specific and unique assets of debtors or guarantors such as real estate, tools, dies, molds, equipment, inventory, fixtures, art work, and accounts.
These matters are important business decisions that WYR attorneys are skilled in discussing, negotiating, reviewing and drafting for your business. WYR's inspired, practical, and efficient counsel can also help you and your business with:
- Formation & Registration of Entities - Corporations, Limited Liability Companies, Partnerships, Joint Ventures, Sole Proprietorships
- Corporate Governance & Shareholder Agreements
- Contracts & General Business Matters
- Executive Compensation & Deferred Compensation
- Employee Agreements & Handbooks
- Providing for Additional Capital
- Mergers, Purchases & Sales of Businesses
- Business Succession & Dissolution Planning