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Chicago Sale of Goods Attorney

Cook County debt collection lawyer for UCC notices

Illinois Lawyers for Uniform Commercial Code-Sales of Goods Claims

If you are a commercial creditor owed money by a commercial debtor, you have certain rights and remedies available under the Uniform Commercial Code (UCC). The UCC affects most types of businesses, including financial institutions, mortgage lenders, suppliers, wholesalers, distributors, retailers, shipping companies, and other companies that purchase or sell goods or services. An attorney experienced in commercial collections can help your business understand and navigate the UCC, as well as other laws that may apply to your situation.

At Teller, Levit & Silvertrust, P.C., we provide unparalleled legal representation for businesses of all types and sizes, from small businesses to Fortune 500 companies, including both domestic and international companies. With a firm history spanning more than 100 years, we have a strong knowledge of the laws that affect commercial debt recovery, and we provide our clients with the experience needed to resolve legal concerns effectively. In addition to assisting with debt collection, we also provide representation in commercial litigation, bankruptcy/insolvency, and arbitration/mediation.

UCC Sales of Goods Claims

The UCC provides buyers and sellers of goods with certain rights, and it will apply in cases where a contract did not include terms addressing specific situations. Under the UCC, either the buyer or the seller may assume a risk of loss depending on whether the seller is considered a merchant and whether goods were shipped using a common carrier. Buyers will also have a right of inspection, and sellers will have a right to cure any defects discovered by buyers. In cases where claims arise regarding the sale of goods, such as when a seller is seeking payment for goods delivered to a buyer, it is important to understand how the UCC will apply. Our attorneys can provide guidance in these matters, and we work to ensure that our clients' interests are protected as they collect their outstanding receivables.

UCC-1 Statements

The UCC sets forth specific rules and procedures that must be followed in order to recover an applicable commercial debt. For example, the UCC requires that commercial creditors give commercial debtors written notice of their intention to collect an outstanding receivable. These notices are generally known as UCC-1 statements, and they must meet certain requirements in order to ensure that creditors have the right to collect commercial claims. A notice must include information such as details identifying the debtor and itemized descriptions of the collateral used to secure the debts in question. A UCC-1 statement is filed publicly and gives notice of your lien on the collateral described.

UCC-1 statements fall into two general categories:

  • Specific collateral statements - Creditors may use these statements to perfect their security interest in specific forms of collateral. While a creditor may not be given first priority when collecting debts from a debtor who has defaulted on a loan, these statements will allow them to recover the assets that were used to secure their specific loans, such as equipment a debtor had purchased.
  • Blanket liens - These statements may give creditors the right to recover multiple types of assets that were used as collateral to secure a loan. When these types of liens are used, a creditor may have a claim against all of the assets owned by a business.

Contact Our Illinois Uniform Commercial Code Attorneys

Commercial debt collection can be a tricky process, and it is crucial for businesses to work with an attorney who understands the Uniform Commercial Code (UCC). At Teller, Levit & Silvertrust, P.C., we can assist with sales of goods claims and multiple other UCC-related matters, including NSF checks and promissory notes, bank collections, and secured transactions. We can help you navigate the UCC's complexities and ensure that you will be able to collect debts successfully. Contact our firm at 312-922-3030 to set up a consultation with our attorneys.

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