Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

State-specific UCC rules: Examples of the (not so) Uniform Commercial Code

May 28, 2010 UCC

The Uniform Commercial Code (UCC) is a bit of a misnomer given that its interpretation and application varies widely from state to state. With this, our final “UCC Month” blog post, I want to draw attention to a few state-specific UCC rules. Filing and Recordation Taxes (AL, FL, MD, TN) Alabama, Florida, Maryland and Tennessee have special rules that may require the payment of taxes at the time of filing UCC documents. Any taxes due…READ MORE

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UCC Financing Statements in Three Easy Pieces

May 21, 2010 UCC

In last week’s blog post, we noted that a creditor files a UCC Financing Statement to give public notice of their interest in a debtor’s collateral and to secure a priority position to collect should the debtor default. This week we are going to talk a little more abut UCC Financing Statements by looking at the National UCC Financing Statement form. You can follow this link to the National UCC Financing Statement form and Instructions:…READ MORE

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What is a Secured Transaction? Understanding Article 9 of the Uniform Commercial Code

May 14, 2010 UCC, Revised Article 9

As promised, this week’s blog post will delve a little deeper into the Uniform Commercial Code (UCC) through a discussion of Article 9: Secured Transactions. According to the Law Library,  Secured Transactions are, “Business dealings that grant a creditor a right in property owned or held by a debtor to assure the payment of a debt or the performance of some obligation.” In a little more detail, a Secured Transaction is financial…READ MORE

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Basics of the Uniform Commercial Code (UCC)

May 07, 2010 UCC

As public records professionals, much of the work we do here at First Corporate Solutions deals with the Uniform Commercial Code (UCC). This month we have decided to give the code its due. We are putting the Uniform Commercial Code in the spotlight by naming May UCC Month! Each Friday we will publish a new blog post on a topic related to UCC. This week’s post provides a conceptual overview of the Uniform Commercial Code. First published…READ MORE

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