In advances the nominal collateral is future receivables, though blanket liens frequently reach much further. The gap between what is nominally purchased and what is actually secured is a recurring theme in disputes over whether a transaction was really a loan.
Blanket lien
A security interest covering substantially all of a business’s assets rather than specific identified collateral.
UCC-1 financing statement
A public notice filed with the secretary of state recording a secured party’s claim against a business’s assets.
Personal guarantee
A commitment by the business owner to be personally liable if the business does not meet its obligations.
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