When
a lender loans money to a business, a supplier provides goods on
credit or a manufacturer sells a major piece of equipment for the
business' use, all of these situations give rise to the potential
need for collateral. In many transactions this collateral takes
the form of a filing with the Secretary of State and/or with the
County Recorder of Deeds showing the ownership interest of the lender
or seller.
The
question that both sides of the transaction ask themselves is: Is
the collateral sufficient or is it too much? The lender/seller,
of course, wants the security documents to be as broad and far reaching
as possible and they want to have as few creditors a head of them
as possible. It is usually in the best interests of the borrower/buyer
to have the security documents limited in scope and flexible.
Mr.
Cooke has worked with retailers in lines of credit and secured transactions
dealings and negotiated and evaluated security agreements, loan
agreements and Uniform Commercial Code filings.
If you have
questions about Secured Transactions, you can contact Mr. Cooke
directly at (312) 497-9002 or by email at "gc@Cookeslaw.com".
Mr.
Cooke's fee is $300.00 per hour.
|