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Re:promissory note (1 viewing) (1) Guest
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TOPIC: Re:promissory note
#7363
GelRon (User)
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promissory note 11 Months, 3 Weeks ago Karma: 0  
if a debtor issues a promissory note in favor of the lender, but the lender never files a UCC lien will the bankruptcy court honor the note and exclude it from the bankruptcy even though the note was never perfected by filing a UCC lien?
 
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#7415
Mike Sareta (User)
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Re:promissory note 11 Months, 1 Week ago Karma: 0  
The Bankruptcy courts need to see that the creditor/payee perfected the security interest before they will give credit to the creditor/payee. Otherwise, it will become an asset of the bankruptcy estate. So, if you have not already, file the UCC lien to perfect your security interest.
 
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#7420
GelRon (User)
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Re:promissory note 11 Months, 1 Week ago Karma: 0  
It has baffled me why the bankruptcy court would ignore a promissory note that was not perfected. But, it was recently explained to me that since there is so much fraud out there with people back dating notes and robo signing mortgages, that perfecting title is the only way to prove that the note actually exists.
 
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