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Consignment the right way: file a UCC financing statement.(Credit Column)(Uniform Commercial Code)
Frequently vendors enter into consignment arrangements with their customers. In a typical consignment, a vendor does not book a sale until the customer reports that it had sold or used the consigned goods.
In many instances, vendors intend the consignment arrangement to be a security device to increase the likelihood of payment from a financially distressed customer. However, all too frequently, consignment vendors belatedly discover that they had failed to satisfy all of the requirements for obtaining a special protected interest in their consigned goods, and end up being relegated to the status of general unsecured creditors in their customer's bankruptcy case. ...
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Source: HighBeam Research, Consignment the right way: file a UCC financing statement.(Credit...