Blanket Lien & Equipment Least

[eg0788]

What is the name of your state? WA

Due to some circumstances my business was force to closed. I had a SBA loan and two equipment lease for the business. When the business was closed all the lenders were informed to reposses their equipment and assets. However, the SBA loan lender have taken everything including the assets that was under lease. I question the equipment lease lender of why they didn't repossess their equipment and they reply by saying due to the SBA lender have 'blanket lien' they were unable to repossess their equipment. My question is can a lender repossess assets that does not belong to the debtor? Since the equipment is under lease I don't own them. Is it true that if the SBA lender have 'blanket lien' that the others lender who own the equiment can't reposses their assets?

Thanks,

[seniorjudge]

What did the documents you signed with SBA say about your questions?

[Northwest]

HI, I am having the same circumstance in WA. Told my bank with the SBA 7A loan that my business is closing (did not have to file business and personal bankruptcies). My bank took my equipment lender's lease equipment ALSO, which I told them that it was NOT the company's or managing members assets.

The Equipment Company is claiming that they CANNOT get their leased equipment because of the bank's UCC filing and claiming it's their assets. It feels like I am getting screwed by both lenders and owing double the amount I should owe.

The bank that approved my SBA 7A loan (reminder that the loan is guaranteed by 85% by government) is making ADDITIONAL PROFIT of $100K from my other equipment company's properties that they sold at auction. This all sounds wrong and the borrowers getting screwed again and again by lenders.

SO WHAT HAPPENED AND WHAT DID YOU DO? It sounds like same bank

Any feedback regarding UCC filing, SBA 7A loan, and claiming of other lender's assets.

Thanks!