Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Filing “UCCs” in Canada

August 28, 2009 UCC, Tips

Did you know that you can file a UCC in Canada? Okay, so it’s technically not a UCC since the Uniform Commercial Code system is an American one, but Canada does have a system called the Personal Property Security Registration System which is analogous to and based upon our UCC system. This system, much like our Uniform Commercial Code, records and reproduces info regarding loans where collateral is used to secure the loan. This system…READ MORE

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Common Mistakes on Filing UCC3 Change Statements

August 21, 2009 UCC, Tips

In a previous blog post, we discussed common errors on UCC1 Financing Statements. Here, we will focus on preventing common errors on UCC3 Change Statement filings. In order to fend of challenges to their priority position, UCC filers must keep their filing information accurate and up-to-date. This is accomplished by filing the appropriate UCC3 Statement. There are five types of UCC3 Filings: Continuations extend the term for a Financing…READ MORE

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Delaware UCC Fees Increase

August 14, 2009 UCC

In a recent blog post, we noted that the Delaware Secretary of State was raising some of their corporate filing and document retrieval fees as of 8/1/2009. As of 9/1/2009, some of the UCC fees are being increased as well. The fee for filing and indexing a UCC document will increase from $75.00 to $100.00; if there are additional pages, the fee is $2.00 per page, and if there are more than two debtor names, the fee is $25.00 per additional…READ MORE

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What You Don’t Know Might Hurt You: Understanding the Limitations of State Direct UCC Online Searches

August 07, 2009 UCC, Due Diligence

A growing number of state filing offices are offering UCC search databases at low to no cost via their websites. In an effort to keep due diligence costs low, many searchers are turning to state direct online databases to fulfill their UCC search requirements. It’s easy to understand the appeal of these state direct databases – free searches: sounds great, right? When examined closely however, many of these state sites have limited…READ MORE

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