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COMMERICAL FINANCE, LENDING AND BANKING

Underwood Perkinsís Commercial Finance and Lending section has considerable experience in the areas of secured transactions, asset-based lending, borrowing and creditorís rights. Clients who need representation in this area should inquire about the firmís experience with these issues. Our attorneys represent various financial institutions, including banks and their subsidiaries, finance companies, factors and other lenders in all phases of the finance industry, including:

  • Complex acquisitions,
  • Dispositions,
  • Restructuring,
  • Workouts,
  • Reorganizations, and
  • Liquidations.

Secured transactions involve understanding the debtorís need for financing, the types of assets that can be used as collateral, how to structure the documents so that the bank or other lender is fully protected in the event that the loan becomes troublesome and how to represent the lender in that event, whether through foreclosure proceedings, workouts with the debtor or representing the lender in bankruptcy proceedings. In addition, it is important to know the Uniform Commercial Code sections on secured transactions, including perfecting interests in various types of collateral, priorities among various creditors, and the Texas Property Code in connection with the various liens, exemptions and foreclosure procedures.

Q. What is collateral?

A. Collateral is the asset that the borrower puts up in order to secure a loan with the lender. This can be either business assets, such as accounts receivable, land or buildings, or in the case of consumers, autos, homes or other like assets. The lenderís obligations depend on the type of collateral, and the loan documents will have to be drafted for the specific type of loan.

Q. What is a secured transaction?

A. A secured transaction is a lending device that provides for a security interest to a lender in property. The property may be real estate, a bank account, accounts receivable, or any other asset put up by the debtor to secure the lender.

Q. What is foreclosure?

A. Foreclosure is the process undertaken by a creditor whereby it seeks to have the collateral securing the loan used to pay off the outstanding loan balance. Foreclosure is subject to very complex rules concerning notice and procedures.

In correlation with our Commercial Finance and Lending section, our Banking section representation includes the presentation and review of commercial and mortgage lending instruments, as well as collections, when necessary. Our attorneys at Underwood Perkins also represent financial institutions and bank holding companies in bank-to-bank debt workouts and bank-to-bank acquisitions.

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