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Jakeblue
Investor
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Pending UCC Filing Changes & New Trust Legislation
Friday, June 11 2010 10:12 AM
I just received this notice:
US & CANADA: Debtor-Creditor definitions in section 9 of the PPSA following new definitions in the UCC in the US are now allowing banks to use your assets as collateral for all credit card agreements, loans and mortgages. They may no longer have to go to the courts to get direct access to your property if you default in payment. You should also be aware that there are rumors that new UCC filings will more difficult to achieve in the near future.
Furthermore new trust legislation in UTC states mean your assets cannot be protected with State Trusts and that many family trusts are in serious jeopardy.
What have you heard?
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Pending UCC Filing Changes & New Trust Legislation
Friday, June 11 2010 10:42 AM
Jake,
I am very familiar with the UTC and it deals 99% with trusts OTHER THAN LAND TRUSTS. In most cases this new law does not effect the construction and administration of a land trust. Furthermore, UTC law is merely "suggestive" language for practitioner's to use. It is referred to as "default language."
Randy Hughes
866-696-7347
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