Sort of, yes. For the consumer there is a doctrine that limits the creditor's ability to keep doing stuff like that in most states. For a business man, though, not so much.
If Snap-On told you in writing it was okay to buy and they don't have a lien, you are mostly in the clear. In most states an email is a binding writing, so an email release is okay. (There is a lot of strangeness with on-line writing legally, starting with the fact that the feds passed a law but allow the states to supersede that law if the state law has certain provisions). Safest of all would be a UCC release by them and proof they filed it (or give you premission in writing to file for them).
As for filings of stuff a creditor didn't sell the debtor, a debtor can (mostly) grant any sort of security interest he chooses.
Example: You are running your auto shop and you come up to me in the bar and I agree to loan you 10k because you don't trust the banks and you need a float while you collect on some invoices. You already owe Snap-On on your tools, the computer company on your computer system, and the part supplier on your parts inventory. All three filed proper UCCs.
You can grant me position two on all three of those things, PLUS you can grant me position one on everything else in your shop including intangibles like your accounts receivable. The money I lent you has nothing to do with your waiting room furniture, but I can still get position one as long as you haven't granted anyone else a security interest (I can't get PMSI, since I didn't advance the purchase price, so if you wanted to scam me you could buy it from the seller and grant him a PMSI, and then offer it to me quickly as collateral before the PMSI creditor files, and I would lose).
Something else interesting that comes up enough to be aware of in the auto/parts and medical worlds is consignment filings. I run parts supplier and you needs parts on a constant basis. I want to be your supplier, and you really don't want to carry me by buying the parts before you need them. I set up a parts area at your place and keep it stocked. Your people come and pull when you need something, at which time you owe me for it (usually a short net to make up for me doing all this for you). I can file a notice under the UCC (and notify all senior creditors in writing what we are doing) and when you go bankrupt I still own my parts. Please note this will not stop a judge from ordering me to let you have the parts, but then I would get adequate assurance of payment.
This didn't work for GM and chrysler, just one of the many reasons those were the dirtiest bankruptcy proceedings ever.
Collateral: Purchase money security interest in automotive tools and equipment, more specifically, listed on credit sales contract or equipment lease no. listed below. In addition to the purchase money security interest granted in the collateral listed on the referenced the collateral shall include all items of tools and equipment of debtor, whether now owned or hereafter acquired from a Snap-on dealer, and any and all goods and equipment manufactured or distributed from a Snap-on dealer, and any of its affiliates, or bearing the Snap-on or Sun Electric trademarks or logos, together with all proceeds (including insurance proceeds or claims), accessions, attachments, additions, substitutions, and replacements to and of such items (the foregoing and the collateral listed on the referenced credit sales contract or equipment lease are collectively referred to as "collateral"). Credit sales contract No. XXXXXXX***
After another call to Snap-on credit, I walked away from this purchase. This guy had a large unpaid balance with them. Here the way they explained it: Let's say you buy a big $10k KRL toolbox. Pay it off 100%. Then 5 years after paying off the box, you buy a $6900 Snap-on scan tool. You default on the scanner after one payment. According to this agreement, Snap on can not only reposses the scanner, but they can take your paid-for KRL toolbox as well. I could certainly envision where the used value of both items would barely equal the value you owe on the scanner. But you are really signing with the devil with these Snap-on contracts!
I would have never even thought to consider anything like that could happen.
