Secured Transactions (Lending and Borrowing)

A secured transaction occurs when a lender obtains a security interest in real or personal property of the borrower. The main goal of a secured transaction is to make it easier for a creditor to collect the debt if the debtor becomes unable to pay it. Secured transactions arise in everyday dealings, such as car loans and real estate mortgages. They are also very common in commercial lending and sale transactions.

Consequently, it is of utmost importance for creditors or debtors to understand their rights when entering a security agreement. Focusing on the creation and enforcement of a security interest, attorney Lars H. Fuller specializes in secured transactions, providing legal services and advice related to lending, borrowing, and everything in between.

Under the Uniform Commercial Code, creditors can get security interests in personal property, including:

• equipment
• inventory
• fixtures
• accounts
• payment intangibles
• leases
• promissory notes

Still, creditors must meet specific conditions for a security interest to be valid. A secured creditor must give value to a debtor, and a debtor must have rights in the collateral. In the absence of these conditions, the debtor cannot legally transfer rights to the secured creditor. Secured transactions vary from simple to very complex, and legal issues may arise when debtors and creditors enter secured contracts, during the perfection of interests, and in many other circumstances. For this reason, debtors and creditors should look for a competent, experienced attorney when deciding to enter a secured contract, as only a professional with specialized knowledge is aware of their rights and obligations.

Why hire a secured transaction lawyer?

Having a resourceful lawyer assist you during a secured transaction is essential if you are a business client, as their expertise can help you avoid future issues without having to resort to litigation and avoid any crucial aspect of your transaction that might have otherwise been overlooked. Whenever you engage in a business transaction, you should first consult a reputable business attorney to make sure there are no complications, and the process will be stress-free.

These are just some of the advantages of having a secured transaction lawyer by your side:

• they will take care of the contract negotiation
• they will investigate and gather the facts before making a decision
• they will propose options you might not have even considered
• they will help you make a more informed decision
• they will suggest the best business entity you should register under
• they will help you solve legal issues without having to engage in litigation

Attorney Lars H. Fuller will help you secure your business transaction effortlessly

With nearly 30 years of experience in business transactions, our attorney, Lars H. Fuller, can easily help you enter a secured contract with another business entity. He will take care of every aspect of the legal process and will also offer you valuable advice regarding your decisions with your best interest in mind. No matter how complex your transaction is, the Law Offices of Lars H. Fuller P.C. can provide you with the legal assistance you need. For more information, do not hesitate to contact us, and we will gladly answer your questions.

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