Codilis & Associates is a law firm based in Burr Ridge, Illinois, founded in 1977. The Codilis family of firms is a bigger group of which the firm is a member. The principal purpose of the family of firms is the enforcement of security interests.
A security interest is a right over collateral given to a creditor by a debtor allowing the creditor to take control of the collateral if the debtor faults in repaying the loan. Under Common law, there are various types of security interests. They include, among others, equitable mortgage, legal lien, and floating equitable charge. In most cases, for a security interest to be enforceable under the UCC, there are three basic requirements: 1. The creditor must provide value in exchange for the collateral. 2. There must be an authenticated security agreement. The debtor must give assent to the contract by any means acceptable by law. The security agreement should unequivocally state that the debtor is granting the creditor a security interest to his property or good. 3. The debtor must have rights in the collateral. Basically, this means that the debtor has the right to use the property as collateral.
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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