[WSBARP] Hybrid foreclosure/UCC mystery

[Craig Gourley]

Listmates,  Yet another head scratcher to start off my Monday.  The answer is probably simple, I just can't find it.   Seller sells real property secured by a DOT and the business and personal property on a separate note secured by a UCC.  Buyer stops paying on everything.  Real property is in foreclosure and Seller wants to seize the business and personal property under the UCC.   If this was a business on a third party  leased property I would negotiate a new lease.  In this case, the debtor has title to the land and as a creditor we have no right of possession during the foreclosure process.   Is our only alternative to seize the business and move the personal property, equipment and inventory off the land until the foreclosure is complete?

GOURLEY LAW GROUP
THE EXCHANGE CONNECTION
SNOHOMISH ESCROW
P.O. Box 1091
Snohomish, WA 98291
PH:  (360) 568-5065 (800) 291-8401
Fax: (360) 568-8092

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