Quote:
Originally Posted by BobC
Adam (exhibitman) pointed this out in an earlier thread. He's the attorney, I'm just repeating it since he hasn't weighed in on this thread yet. I'll defer to him or other attorneys as to the effectiveness of filing, but he seemed pretty confident in it as an effective way to more fully protect your cards/items being held in a vault. He mentioned being able to easily download the UCC form(s) online, and that the filing fee(s) are negligible (believe he mentioned something like $5). Of course, you have to file with the Secretary of State's office for the state where the vault is actually located. So, there could be some differences in the filings or costs, depending on which state(s) you would end up filing in. And I guess the time/effort would also be dependent on how many different items you have to list, and how often you add or remove things from your vault so you end up having to revise and update your UCC filing. Again, I'll defer to the attorneys for better details.
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I don't see any risk other than there can always be wrong decisions and there can always be a hassle when one is dealing with bankruptcy courts. If the law is applied correctly, your stored cards should not become assets of the debtor's estate subject to creditor claims, even without a UCC-1.
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Last edited by Peter_Spaeth; 11-27-2022 at 09:02 PM.
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