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UCC-1 "freeze" on funds held with credit card processor - despite
Creditor sent credit card processor a letter along with the properly filed
UCC-1 filing showing it has a security interest in the receivables of the
LLC and requesting that credit card processor freeze/hold funds for
creditor. Despite the UCC-1 lien attaching to the funds, if Debtor files
Chapter 11, can I get funds released to Debtor (avoid lien, etc.)?
If funds are turned over to creditor, can I recover funds from creditor
after filing?
In other words, are the funds a goner at this point now that creditor has
served notice on the credit card processing company of its perfected UCC-1
lien?
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
Creditor sent credit card processor a letter along with the properly filed UCC-1 filing showing it has a security interest in the receivables of the LLC and requesting that credit card processor freeze/hold funds for creditor. Despite the UCC-1 lien attaching to the funds, if Debtor files Chapter 11, can I get funds released to Debtor (avoid lien, etc.)?If funds are turned over to creditor, can I recover funds from creditor after filing?In other words, are the funds a goner at this point now that creditor has served notice on the credit card processing company of its perfected UCC-1 lien?Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601
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