This is a topic that I have been told only a commercial lawyer could love, but I retain my optimism that it will someday, rightfully, gain a wider audience. The topic is secret liens. That means a lien that is evident neither from the creditor’s possession of the collateral, nor the public record. It is a trap for the unwary. It is the enemy of the commercial lawyer who wants for the legal system to be transparent and predictable, to play by a set of rules that anyone who went to law school can learn. They are impurities in the carefully constructed, meticulously maintained and periodically purified pool that is our commercial law. Here’s a link to the article, which I dedicate to Professor J. J. White, one of the leaders in American commercial law. TRM
Understand your options.