KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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Securing your money when leasing systems / cs webinars
August 19, 2020
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Register for today's Webinar- starts at 12 PM ET:
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Emergency 24: August 19, 2020 12 PM ET
https://attendee.gotowebinar.com/register/2545025679947785228
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Securing your money when leasing systems
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Leasing commercial systems is an option. You would use the Commercial All in One Lease. The Lease calls for a valuation of the equipment. This valuation comes into play only if there is a default under the lease by the subscriber, or at the end of the term of the Lease. The value, which is agreed to by the parties, is often substantial and you may find that exercising the option to sell the equipment to the subscriber at that price, less its liquidated damage reduction, makes more economic sense than removing the equipment.
We have cases assigned to us for collection where the leased equipment value is $100,000.00 or more; as I mentioned, it’s substantial. In these precarious economic times adding to the uncertainty of getting paid by the subscriber or being able to pursue a defaulting subscriber successfully, you should consider another option provided for in the Commercial All in One, the option to perfect a security interest which will give you Secured Creditor status.
The difference between an Unsecured Creditor and a Secured Creditor often is the difference between getting paid or not.
The Commercial All in One acts as your Security Agreement. You “perfect” your security interest by filing a UCC-1 with your Department of State [filing may be on local level in your jurisdiction]. The extent of your security interest is defined in your Commercial All in One. Older forms claimed a security interest on all assets of the subscriber. More recent versions of the Commercial All in One provide for a security interest in the equipment you installed.
Filing a UCC-1 is not something routinely done because the filing could affect a subscriber’s credit standing or violate a lease, mortgage or loan agreements. A subscriber who is not in default who is affected in other transactions would therefore not be happy, to say the least, upon learning that, in the first instance, you have the right to file a UCC-1, and in the second instance, that you did in fact file the UCC-1. Of course the Commercial All in One permits it, so you did nothing wrong. The subscriber’s argument that it is a big company and shouldn’t have or can’t have or won’t have a lien, should be unavailing. Is the subscriber bigger than the countless companies that have already filed for Chapter 11 relief, or worse, Chapter 7 relief?
Filing the UCC-1 is definitely something you should consider as a routine matter. It may make the difference of getting paid or not.
If you need help filing the UCC-1 give K&K’s collection department a call and we can assist. Call Sam Atlas, Esq at 516 747 6700 x 311 or SAtlas@Kirschenbaumesq.com. K&K Concierge Clients should call our Program Coordinator, Stacy Spector, Esq at 516 747 6700 x 304 or SSpector@Kirschenbaumesq.com.
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Register Now for the CS webinar series:
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Emergency 24: August 19, 2020 12 PM ET
https://attendee.gotowebinar.com/register/2545025679947785228
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Central station webinars
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Today is last day for central stations to register to participate in the CS Webinar 2020 series. Contact Stacy Spector,Esq at 516 747 6700 x 304 or SSpector@Kirschenbaumesq.com
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To order up to date Standard Form Alarm / Security / Fire and related Agreements, click here: www.alarmcontracts.com
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CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY
You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304.
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
www.KirschenbaumEsq.com
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