SCCutler From United States of America, joined Jan 2000, 5695 posts, RR: 27
Reply 3, posted (5 years 1 month 2 weeks 2 hours ago) and read 1292 times:
You need to consult with counsel.
Is the equipment / property proposed as collateral, the kind for which ownership is passed by a certificate of title (such as an automobile, or other licensed property)? If so, you can hold the title as security.
If not, you obviously run a significant risk by loaning against property which you cannot effectively control.
You can record "Financing Statements" which might serve to improve your security, but it would still not be a guarantee of payment.
In addition, I'd be extremely wary of someone who wants to borrow money from you, and is dictating terms.
You really need to consult a qualified lawyer in your own jurisdiction; loaning money is not something you should do lightly.
...three miles from BRONS, clear for the ILS one five approach...