Legal Question in Real Estate Law in New York
UCC Lien
What is a UCC Lien and how can I use it to stop someone from selling a property without my knowledge. I am in a contract of sale to purchase a property and he is threatening to sell it out from under me.
2 Answers from Attorneys
Re: UCC Lien
A UCC lien is used to attach a debtor's property in the event that property is sold. UCC governs the sale and lease of goods and not real property so a UCC lien would not be the property vehicle to attach the proceeds of a real estate sale. Your remedy agains the seller is governed by the sales contract. You can get your deposit back.
Re: UCC Lien
You may have a cause of action for specific performance. If you serve a summons and complaint against the Seller, you would also file a lis pendens aginst the property. This would put any potential buyer on notice of your lawsuit to affect the title to the disputed property.
Consult an attorney without delay with your contract of sale.
Good Luck.
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