Some loan agreements are secured by collateral, in which a borrower agrees in advance that a lender may take control of specified real or personal property if the borrower should default on that loan. These transactions can be complex and are best handled by an experienced attorney. At the Law Offices of Darren P. Trone, we have the legal knowledge to properly handle all aspects of secured transactions.
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Secured Transactions
At the Law Offices of Darren P. Trone, we help individuals and businesses with all aspects of secured transactions. Most secured transactions are covered under Article 9 of the Uniform Commercial Code. Form 1 under this code (UCC-1) is a financing statement that is filed with the state in order to properly demonstrate a security interest in another party’s property. These agreements are typically filed in the office of the Secretary of State in the state where the borrower is located.
It is important to remember that these agreements generally apply to personal property, as opposed to real estate. Security agreements protect lenders in the event a borrower should default on a loan or declare bankruptcy. In the event of a loan or contract default, the lender may be able to recover the value of the loan by taking possession of the collateral specified under the secured transaction agreement. Attorney Darren P. Trone has extensive experience handling secured transactions, in addition to asset purchase agreements, stock redemption agreements and other critical legal pacts. He and our highly qualified staff will work to ensure your financial interests are protected.
