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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Quick Tip: Be Sure to Include the Correct UCC1 Filing Number for all UCC3 Filings

May 24, 2013 UCC

When preparing a UCC3 Change Statement, it is critical to input the correct original filing number on the form to ensure the change is made in the UCC index. Many filing offices have strict rules about the formatting of file numbers, so be sure to list the filing number exactly as it is shown on the filed UCC1 including any spaces, hyphens, preceding letters, etc. One area of common confusion for filers involves UCC records where the…READ MORE

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Updated 2010 Revised Article 9 Amendments Resource Page

May 16, 2013 UCC, Revised Article 9

The 2010 amendments to Revised Article 9 of the Uniform Commercial Code (RA9) are set to go into effect in only a few short months. Some FCS customers and regular readers of our blog have expressed apprehension about the impending changes and have requested additional information. In response, FCS has created a resource page as a one-stop shop to answer all of your RA9 amendment questions! Visit our RA 9 Resources page at http://info.ficoso.com/ra9_resources …READ MORE

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Quick Tip: Order a Long Form Good Standing to Confirm you Have Copies of All Documents on File

May 10, 2013 Corporate

A good standing certificate  (aka status certificate ) is a state-issued document that verifies that a registered entity is authorized to do business in a given jurisdiction. Further, the document certifies that the named entity has complied with certain statutory requirements imposed by that state. These requirements may include things such as filing requisite paperwork and paying an annual fee or tax.Most states offer two types of good…READ MORE

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Quick Tip: List Sole Proprietorship as Individual Debtor on UCC Filings

May 02, 2013 UCC

A sole proprietorship is a simple business structure in which there is no distinction between owner and business. Since the business and its owner are one and the same, many UCC filers are unsure how to name a sole proprietorship as debtor on a UCC1 Financing Statement. In the eyes of the Uniform Commercial Code, a sole proprietorship is considered an individual, not an organization, even if operating under a trade name (dba). When preparing…READ MORE

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