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How to protect an option on personal property, NOT real estate?
I have both Jack Miller options courses, but I don’t think there’s any discussion in them about protecting an option on personal property, such as (1) an airplane (titled by the state) or (2) a non-titled item, such as a high-value piece of art, or industrial equipment.
I understand about protecting an option on real estate (filing a memo of option, or better), but how could you protect an option on either class of personal property? I know that leasing companies will file a UCC-1 statement with the state, so that if the lessee stops making lease payments on, for example, a very expensive milling machine, and the lessee refuses to immediately return that equipment to the leasing company, it become a jailable criminal offense. But I have no idea what protection there might be for an option on “personalty” items.
Anybody?
Dee Graber
Frisco, TXDee,
I don’t know the answer to your questions but the UCC -1 filing seems to be the solution for some cases.
You know Jack Miller & Peter Fortunato told us over and over again that you should only do deals with people who you feel comfortable with ( who would not try to cheat you out of the deal at the last minute) But if someone wants out then be prepared to just walk away from the deal. A court battle to protect your option is not the best use of your time, energy, or money.
Ideally, you’re getting an option from someone who values your expertise in solving their problem that they could not solve for themself and they will appreciate your efforts.
Jackie
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