Legal Question in Real Estate Law in Nebraska

Re: Ucc1

The purpose of filing a lien and financing statement under UCC is to protect the creditor by securing collateral for the loan. It allows the creditor to take back the equipment and fixtures listed on the lien and prevents them from being sold by debtor or being attached by other creditors. Although it is a negotiable term of sale, many vendors will require one routinely and refuse to negotiate. It doesn't matter if you have $1 million on the books if you owe $2 million. A number of multi-million dollar companies go bankrupt every year.