Lenders and business partners might conduct asset searches

Asset searches are conducted by potential lenders, business partners and people considering initiating a lawsuit, among others. Components of an asset search include:

Liabilities

If there are no significant liabilities then the way is cleared for a full asset investigation. One good way to assess liabilities is to search for bankruptcies, liens, judgments and notices of default or foreclosures - generally through commercial vendors. Also, bankruptcy case files contain detailed records of both assets and liabilities.

Real Estate

A home is usually a person's largest single asset. Most public record vendors offer statewide databases searchable by owner name. Do not forget that ownership may be recorded under someone else's name, or as a family trust.

Vehicles, Boats and Aircraft

Motor vehicle records, searchable via many vendors, include cars, trailers, buses, RVs, and motorcycles. In some states, such as California, it is not possible to search the whole state by name of individual; rather, vehicles are registered by address. Smaller boats can be found via DMV searches in several states. Larger vessels are registered with the U.S. Coast Guard, and can be searched through commercial vendors. Similarly, the Federal Aviation Administration's aircraft ownership records are also commercially available. You can also check state governments for what is publicly available.

Credit Reports

Credit reports can provide clues to real property held in someone else's name. As an example, when no property is found, the credit report might list a mortgage or a car loan. They can also point to hidden assets by indicating many credit cards or large credit card balances. Non-header credit report information is accessible only with the written consent of the créditée, or when the creditor possesses a judgment against the créditée. Credit reports are error-prone and unreliable as sole sources of data.

Business Records

Look for businesses in which the subject is an owner or financial participant. Numerous online databases of company affiliations are available. Also, search for corporations, partnerships and fictitious name filings. Sales tax permits can point to retail businesses owned by an individual. ChoicePoint offers sales tax information from Texas and California, for example.

Court Records and Judgments

Court records can contain detailed financial data - especially divorce, probate and bankruptcy cases. Judgments can potentially become an asset if the subject has won a judgment from someone that has not been satisfied. If the judgment is paid then it can become a source of assets.

Stocks

Stock ownership is available online for individuals who own more than five percent of a publicly-held company through the SEC s EDGAR database and other free and commercial sources. The same is true of stock ownership data of officers, directors, and shareholders who own ten percent of the stock of a public company and those who intend to sell a specified amount of a restricted stock.

UCC Filings

UCCs can also be important to asset research. For example, when the subject is a debtor on a UCC filing, the assets put up as collateral are encumbered. On the other hand, if the subject is the secured party and the debtor defaults, the collateral can become an asset of the subject. UCC filings can also point to banking relationships or other business relationships.

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