Quote:
Originally Posted by Exhibitman
Yes, you are completely wrong. One of the hard lessons from the Mastro-Legendary fiasco was that when an AH goes into bankruptcy any assets on its premises are deemed part of the bankruptcy estate unless there is a perfected security interest in the items, aka a UCC-1, filed in the state where the items are located. You as the consignor become another unsecured creditor with a claim against the AH for the value of your stuff, aka the lowest form of life in the bankruptcy food chain. If you file the UCC-1, which is cheap and easy to do online, then the world is on notice that those items are yours, not the holder's and if there is a seizure or bankruptcy, you won't have to fight a nasty case to retrieve them from the seizing authority or stand in line with the other unsecured scumbags.
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Was Mastro different because the items on the premises truly were consigned to him irrevocably for purposes of sale, whereas that might not be true of the Goldin vault?
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Last edited by Peter_Spaeth; 07-27-2021 at 10:26 PM.
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