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The characters Everyone knows what a bank is. Most of us understand what a lender is - an institution of the money borrowed. Adding the word" commercial "to describe a lender simply means that the financial Company deals with companies as opposed to individuals. Black's Law Dictionary defines "commercial loans" as "loans to businesses is composed of personnel of consumer credit loans." Even if a lender could be both commercial and consumer loans, this blog is primarily on commercial matters.

The area of law. For me, the foreclosure law refers to the applicable rules and procedures, if a company defaults on a loan through a kind of collateral. So, if you are awarded for an institution that money to a business, and if the borrower is in default under the terms of the loan agreement, then commercial foreclosure law provides the legal framework for the protection of your rights. Normally, these rights with the possibility of money owed by the borrower through the sale of loan collateral.

Collateral. Black's states that collateral is the property as security for the satisfaction of the debt. If a company set for a loan, the lender with a foreclosure action to force the sale of loan collateral and thus the amounts that the borrower by the proceeds from the sale. There are all types of companies in connection with collateral. Perhaps the most recognizable Real Estate - the country owned a company. Some of the most interesting cases, but with personal property collateral that can imagine that the property owned by a company - a fleet of vehicles, office furniture, or intangible assets such as receivables.

Lien. A lien is the description of a load of property: "a claim... On the property for the payment of some debt." Black's. In connection with my blog, a lien is created by written contract between a lender and borrower - either a real estate mortgage agreement or a personal property security agreement. The lien granted to a borrower to a lender a loan provider the right to foreclosure on the subject property (collateral) for the payment of debts in the event of a failure.

Commercial foreclosure. With regard to black again, a foreclosure is defined, in part, as the "enforcement of a lien... Or mortgage.. .." Paraphrasing Black's foreclosure is the process by which real or personal property with a lien in the satisfaction of the debt. For foreclosure means the termination of a borrower to the subject property. An exclusion is that commercial only to the termination of a business relationship borrowers' rights in their property.

A form for the collection. Commercial Foreclosure Law is a special kind of collection law. It is a set of rules, such as banks and financial institutions back money by rights, and selling, general security, that an undertaking to secure the loan. It is the totality of the legal basis for a lender to collect the money against a company which has failed to make its loan payments in arrears or otherwise under the terms of the loan documents. If any of these questions are important, what you need for a living, I welcome your visits to my blog and hope that you e-mail me with your questions or comments.

John D. Waller is a partner in the law firm of Indianapolis Wood & McLaughlin LLP (http://www.woodmclaw.com). He publishes the blog Indiana Commercial Foreclosure Law at commercialforeclosureblog.typepad.com. John's phone number 317-639-6151 and his e-mail address is jwaller@woodmclaw.com.