Three Phases of Due Diligence Series – Phase Two: UCC Filing
March 25, 2011
UCC, Corporate, Due Diligence
In phase two of the due diligence cycle, a lender has decided to advance funds. The lender will file a UCC Financing Statement to perfect their interest in the collateral and secure a priority position to collect should the debtor default. It is critical that UCCs get filed correctly since inaccurate or incomplete filings can open the door for secondary parties to claim a priority position.
When preparing and filing UCC Financing Statements…READ MORE
Three Phases of Due Diligence Series – Phase One: Pre-Funding
March 18, 2011
UCC, Corporate, Due Diligence, Revised Article 9
In the pre-funding phase, lenders perform public records searches to uncover any existing liens or outstanding financial obligations that bind their prospect. Searching helps lenders determine if they could obtain a priority position to collect if they decide to fund the deal.
Focusing on the “Who, What and Where” of searching is a great way to be certain your search effort is comprehensive.
Who to Search
The first step is to determine…READ MORE
Coming Soon: Updated Website with New UCC & Corporate Risk Management Resources
March 12, 2011
[caption id="attachment_807" align="alignright" width="280" caption="Sneak Preview of First Corporate Solutions' New Website & Free Educational Resources"][/caption]
First Corporate Solutions is excited to announce that we are launching a brand new website on Monday, March 14, 2011. Visit us at www.ficoso.com to see the sleek new look and expanded resources.
The new site includes:
Reference library with 40+ FREE educational…READ MORE
Three Phases of Due Diligence Series: Preview
March 04, 2011
It is important to remember that public records research isn’t just a one-time task when evaluating an applicant; rather it should be an ongoing effort to keep an eye on accounts and maintain priority. With today’s blog post, we begin a brand new series that explores three phases during the life of a loan in which a secured party may be required to interact with public records data. Here is a preview of what you can expect from us in…READ MORE