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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Purchase Money Security Rules in Equipment and Inventory – Part Three

September 26, 2013 Corporate, Due Diligence

We are pleased to welcome attorney, Bennett L. Cohen of Cohen, Salk and Huvard, P.C., as a special guest blogger. Please read on for the third installment of Bennett’s seven-part blog series on Purchase Money Security Interest in Equipment and Inventory. Frequently Asked Question # 4: Does a Holder of a PMSI in Inventory Prime an Earlier Perfected Security Interest in Accounts?   First, it is important to recognize a basic Code priority…READ MORE

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Los Angeles County Recording Fees Debunked!

September 23, 2013 Tips

The last 15-20 years have seen a steady and dramatic increase in the cost for recording real estate related documents in the state of California, owing in large part to the growing list of surcharges and add-on fees that are imposed at the time of recordation. That got some of us here at FCS thinking, “What ARE all of these surcharges?”  To answer this question, we analyzed a recent receipt for a recording in Los Angeles County and…READ MORE

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Purchase Money Security Rules in Equipment and Inventory – Part Two

September 19, 2013 Corporate, Due Diligence

We are pleased to welcome attorney, Bennett L. Cohen of Cohen, Salk and Huvard, P.C., as a special guest blogger. Please read on for the second installment of Bennett’s seven-part blog series on Purchase Money Security Interest in Equipment and Inventory. Frequently Asked Question # 2: What Obligations Qualify as a "Purchase Money Obligation"?   The term “purchase money obligation” is defined under the Code as “an obligation…READ MORE

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Purchase Money Security Rules in Equipment and Inventory – Part One

September 13, 2013 Corporate, Due Diligence

We are pleased to welcome attorney, Bennett L. Cohen of Cohen, Salk and Huvard, P.C., as a special guest blogger. Please read on for the first installment of Bennett’s seven-part blog series on Purchase Money Security Interest in Equipment and Inventory. We are routinely fielding questions from loan officers about the mechanics of purchase money security interests in inventory and equipment. Lenders find themselves on both sides of the…READ MORE

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Missing Collateral Description not Cause for UCC Rejection in Many States of Incorporation

September 06, 2013 UCC, Corporate, Tips

There are not many errors you can make that will cause a filing officer to reject a UCC1 Financing Statement.  For the filing officer to accept a UCC for filing, the document must meet a set of minimum requirements. If a UCC document meets the minimum requirements and the correct filing fee accompanies the document, the Uniform Commercial Code directs the filing officer to accept the document into the public record. While these requirements…READ MORE

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