Legal Question in Business Law in Wisconsin

How to register as a lien holder?

I received a huge amount of loan from a family member to investment in my business. Can he register to be a lienholder for some equipment in the business? How can this be done to protect him should my business go down? Thanks.


Asked on 8/05/06, 6:56 pm

2 Answers from Attorneys
Mark Mahoney Cassiani Law Office, Wise Shepherd Law Office

Re: How to register as a lien holder?

File a UCC financing statement with the State of Wisconsin.

Read more
Answered on 8/06/06, 10:38 am
Thomas Schober Schober Schober & Mitchell, S.C.

Re: How to register as a lien holder?

You need to have someone prepare a Uniform Commercial Code filing. To do so, you need the descriptions of the collateral, along with serial numbers, and the exact names and addresses of both parties. The filings require information about the debtor entity, so they get filed in the appropriate state or county. The filings have a duration, so they may have to be renewed, if the note is not repaid within the initial term. Good luck!

Read more
Answered on 8/07/06, 3:56 pm


Related Questions & Answers

More Business Law questions and answers in Wisconsin