Is a lease to a property considered an asset?
June 24, 2012 8:07 PM Subscribe
Is a property lease considered an asset in a UCC-1 financing statement? I recently sold my small business and am carrying a note for the buyer. His collateral: the assets of the business he bought from me. If the buyer defaults I will want to take possession of the assets, per the UCC-1. The foreclosure process is straight forward, but I do not know if the new lease he signed with my old landlord is considered an asset by the UCC-1. If it isn't, how can I retrieve my assets if he still "owns" the lease?
posted by Izzy to law & government (4 answers total) 2 users marked this as a favorite