Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Delaware SOS Business Entity and UCC Fees Increase

July 28, 2009 UCC, Corporate

It should come as no surprise to anyone who has worked with the Delaware Secretary of State on a regular basis that some of the Business Entity and UCC Fees and Services are going to change as of August 1st of this year. The DE SOS already offers one-hour and two-hour expedited services for corporate filings (along with the usual same-day and 24-hour expedites), and now they’re rolling out a 30-minute service for a small fee of $3,000.00.…READ MORE

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UCC Searching in Delaware

July 17, 2009 UCC, Due Diligence, Tips

As we’ve discussed before, all UCCs are not created equal. Some states have online access to their UCCs with broad-based search logic, and others go by the strictest letter of RA9; Delaware falls into the latter category. The problem with this is that Delaware is an exact-name state, meaning that not only are UCCs indexed exactly as the name is typed into the debtor box on the UCC, but when you perform a certified search with the DE SOS…READ MORE

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Common Mistakes on Filing UCC1 Financing Statements

July 08, 2009 UCC, Tips

A Secured Party must file their UCC1 Financing Statement quickly and correctly in order to perfect their security interest. Inaccurate, incomplete or untimely filings can prove costly for lenders as they open the door for secondary parties to claim a priority position. Here are a few common mistakes to watch for when filing UCC1 Financing Statements: Avoid “dba” notation for fictitious or assumed business names as debtor Failure…READ MORE

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