Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

How Will The Potential State Shutdown in Minnesota Affect Your UCC & Corporate Transactions?

June 24, 2011 UCC, Corporate, Due Diligence

Across the nation, state and county-level governments face overwhelming budget shortfalls, dramatically impacting their ability to deliver public services. We learned this week that things are particularly bad in the state of Minnesota. Due to a statewide budget crisis, the Minnesota Secretary of State’s office is facing a potential closure. The Minnesota State Legislature adjourned last month without appropriating money to fund state…READ MORE

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Broad Based Name Searching: What is it? Why is it Important?

June 17, 2011 UCC, Due Diligence

There are many options available for those looking to perform a UCC and lien search. There are certified searches that come directly from the filing office, state direct database searches that are available on a state’s website, and proprietary search systems that private service companies build and maintain. A while back, First Corporate Solutions published a blog series on evaluating state search options where we discussed the benefits…READ MORE

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UCC Searches Might Reflect Filings More Current than the Through Date

June 11, 2011 UCC

Did you know that a UCC search might show UCCs filed beyond the search’s through date? It’s true! Read on to find out why. At the state filing offices, UCC filings are accepted for filing and entered into the public record. Once every filing from a certain date is posted into the index, the state will advance their through date. A through date is the state’s way of saying, “We can guarantee that everything that was submitted to…READ MORE

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Two Important Reasons To Include Terminated Filings in Your UCC Search Efforts

June 06, 2011 UCC

One of the more common special requests we get from customers is to omit terminated filings from their UCC search results. When customers request that we leave terminated filings off our search reports, it usually stems from a misconception that once a termination statement is filed the financing statement no longer matters in terms of determining priority of claims. Not so fast! There are two very important reasons to include terminated…READ MORE

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