[WSBARP] UCC competing claims

[Jay Goldstein]

Seeking brief consult with someone with experience enforcing a UCC security interest in personal property (industrial equipment).

1. Client has a perfected security interest in "all of debtor's equipment."
Client's security interest is subordinate to previously filed UCC financing statement.

2. Prior UCC financing statement lists the collateral as "all equipment leased by the debtor from the secured party."

It is unclear which specific pieces of equipment are leased from the first secured party (and subject to the superior security interest) and which are owned outright by the debtor (and subject to client's security interest).

Client would like to secure the equipment, but we fear client may subject itself to liability if client takes equipment that is subject to the prior security agreement.

If anyone can offer any insight, I would greatly appreciate.

Thanks,

J

Jay A. Goldstein
[Logo Color 946x243 pixels]
1800 Cooper Point RD SW NO. 8  |  Olympia, WA 98502
Telephone 360.352.1970  |  Fax 360.357.0844 |  www.jaglaw.net<http://www.jaglaw.net/>
jay at jaglaw.net<mailto:jay at jaglaw.net>

Nothing contained herein should be construed as legal advice.
The purpose of this email is to transmit a message or document.
Should you not be the intended recipient of this email message,
please reply advising of the mistake and then delete this message
from your computer. Should you have any questions,
please call the Sender at 360-352-1970.
No trees were killed in sending this message
(however, a large number of electrons were terribly inconvenienced).

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20170426/d3321d1c/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 6396 bytes
Desc: image001.jpg
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20170426/d3321d1c/image001.jpg>