I have a civil judgment against a party who just won a neligent auto case. When it came to the money distribution found out the planitiff had borrowed against the possible winnings, now there is a UCC filing for $10k, however the companies attorney showed up in court and said with interest the amount is well over 300K, the planitff borrowed 48K, we have an initial amout borrowed in 2006 of 40K-if you add interest and fees it comes to around 200K. My question, does that UCC filing apply to any amount or does it have to be refiled for additional costs and how does it typically stack up in court when several hands are in line for the pot?
2 Answers from Attorneys
The UCC-1 Financing Statement might have to be renewed periodically, the status of which can not be ascertained from your inquiry. Your attorney can advise further.
You need more than the UCC-1 to execute on the personal injury case.
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