Legal Question in Business Law in Illinois

A UCC search is showing that I have a securities interest against my business.In 2000 I filed for a line of credit with the LaSalle Bank, but never used it. LaSalle was bought out by Bank of America and they say they have no record. I cannot sell my business because of it. How do I get this off my UCC report so I can sell my business?


Asked on 11/09/09, 8:49 pm

1 Answer from Attorneys

Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. To be sure, you did not use the line, but the line, and hence the security interest, is still in place. LaSalle was not bought by Bank of America, howerver, so you may be looking in the wrong place. That aside, you may need to take action to extinguish the interest. Please feel free to email me directly with further questions: [email protected]

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Answered on 11/21/09, 3:31 pm


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