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Chapter 9 Texas UCC Secured Transactions | Houston Secured Transactions Attorney

Houston, Texas is a major metropolitan city. It is the fourth largest city in the nation and the largest city in Texas. Houston is known around the world as a booming energy city and only New York City is home to more Fortune 500 company headquarters. As a result, secured transactions are common place in Houston.

If you live in Houston, you have more than likely been involved with a secured transaction. In spite of how common secured transactions are, the average resident has trouble making sense of them. If you are a party to a secured transaction and you find yourself confronted with complications, your best course of action would be to seek legal advice from a qualified local attorney.

A secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower’s default. Whenever the creditor takes a security interest in the items purchased, a purchase money security interest is formed. The terms of the relationship are governed by a contract, or security agreement. A common example would be a consumer who purchases a car on credit. If the consumer fails to pay, the lender will take the car and resell it, applying the proceeds of the sale toward the loan. Mortgages and deeds of trust are another example. In Houston, secured transactions in personal property are governed by Chapter 9 of the Texas UCC. Some common areas of litigation include:

Secured Transactions are Complicated

The law treats differently those creditors who are secured (i.e. have an authenticated, perfected security interest) from those creditors who are unsecured. An unsecured creditor is simply a person who is owed money and has not received payment according to the terms of the agreed upon transaction. Upon default of a debtor who has multiple creditors, the distinction between being a secured creditor and an unsecured creditor is huge in the eyes of the law. The secured creditor will generally always have priority to getting his money before the unsecured creditors do. In other words, the unsecured creditor is at the back of the line of priority - his only remedy is to obtain a judgment from the court for the amount of the defaulted loan.

Houston Commercial Lawyers Can Help You with Secured Transactions

In a perfect world, litigation is a last resort. Although Houston is a great place to live, residents often run into trouble in paradise.

Disputes can and do arise regarding secured transactions. Disputes arise when creditors unlawfully attempt to repossess property. If a creditor has improperly tried to repossess your property, Chapter 9 of the Texas UCC may provide you with protection. According to Chapter 9, if it is established that a secured party is not proceeding properly, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. Houston Commercial lawyers know this area of law and can provide much needed insight to both buyers and sellers in dealing with secured transactions.

Pawn Shops Deal with Secured Transactions

Pawn shops are extremely prevalent in the Houston area. Each year, pawn shops pump millions of dollars into the Houston economy. In fact, if you live in Houston, it is very likely that you have found yourself inside a pawn shop at some point in your life. When you decide to enter into a transaction with a pawn shop, it is very important that you familiarize yourself with your rights under the law.

Any time you pawn something there is a secured transaction. When you pawn something, the pawn shop may have the right to keep the piece of property if you fail to repay the loan. Pawn shops are big in Houston, and some  pawn shops include:

Houston Commercial Lawyers Can Understand The Complexity Of Secured Transactions

Chapter 9 of the Texas UCC regulates the behavior of secured parties who hold property, creditors who attempt to repossess property in the event of a debtor’s default. When debtors and creditors in Houston disagree about their respective obligations, a Houston commercial lawyer is essential to success in business.

Perhaps not surprisingly, the average Houston resident doesn not know the first thing about secured transactions. When you have a question about secured transactions, you should get good legal advice. Houston commercial lawyers are used to dealing with the complexity of Chapter 9 of the Texas UCC and know how to handle secured transactions.

Houston Commercial Lawyers Can Help You With Your Needs

Serving clients throughout Southeastern Texas, including Aldine, Baytown, Bellaire, Beaumont, Channelview, Cloverleaf, Conroe, Deer Park, Friendswood, Galena Park, Galveston, Hedwig Village, Highlands, Hilshire Village, Humble, Jacinto City, Katy, League City, Magnolia, Mission Bend, Missouri City, Pasadena, Pearland, Porter, Sealy, South Houston, Spring Valley, Stafford, The Meadows, The Woodlands, Waller, West University, and other communities in Fort Bend County, Harris County, and Montgomery County.

The commercial lawyers listed on this page are qualified, experienced, professionals who understand this area of law and are available for a free initial consultation to discuss your needs.