Floor Planners Carjack UCC Revision

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Since the “Secured Transactions” Title of the UCC was revised several years ago, consignments to auto dealers are fraught with peril.

Before entering into a consignment with a dealer, and certainly before a vehicle is delivered, the consignor must first check for any finance agreements with the proposed consignee-dealer filed (in Virginia, at the State Corporation Commission) by a creditor. In the case of an auto dealer, there almost certainly will be a finance agreement with a floor planner.

Next, the consignor must give well-advanced notice to any such creditor of the intention to deliver certain, specific vehicles to the dealer, on consignment.

Then, the consignor must file a UCC Financing Statement of his own, before the delivery of the vehicles to the dealer.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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