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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Does punctuation matter for a debtor name on a UCC filing? Can something like a period or comma cause issues with UCC filings?

December 27, 2013 UCC

A filing officer will not reject a document for a punctuation error, but it could potentially cause the name not to be found later as part of a UCC search effort. Each state independently implements its own search logic. Most states have adopted a version of the International Association of Commercial Administrator’s Model Administrative Rules for UCC searching which disregards punctuation, but some states are stricter than others. A UCC…READ MORE

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Revised California LLC Forms – Effective 1/1/14

December 19, 2013 Legislation

With the upcoming changes to the California Limited Liability Company Filings effective January 1, 2014, the current version of the following forms will not be accepted for filing after December 31, 2013. Form LLC-1 (Articles of Organization). Form LLC-1A (Articles of Organization - Conversion) Form LLC-2 (Certificate of Amendment) Forms LLC-10 (Restated Articles of Organization) Form LLC-8 (Certificate of Continuation) Form LLC-5…READ MORE

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[New Release] First Corporate Solutions Releases Iowa UCC/Lien Data and Image Libraries to Online UCC Search System

December 13, 2013 UCC, Services / System Update

We are pleased to announce that we have added Iowa to our online search system. Active users can log on now to www.ficoso.com and search our reliable state-direct Iowa data complemented by an expansive library of clear, downloadable document images. Utilize our broad-based search engine to locate liens by debtor name or file number, then use our unique sorting and filtering features to create a customized search result tailor made for…READ MORE

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Changes to California Limited Liability Company Filings

December 12, 2013 Legislation

According to the California Secretary of State, changes will be made to the California Limited Liability Company Filings effective January 1, 2014. Changes to Limited Liability Company Filings As of January 1, 2014, the "Beverly-Killea Limited Liability Company Act" (California Corporations Code sections 17000 - 17657) will be repealed and replaced with the "California Revised Uniform Limited Liability Company Act" (California Corporations…READ MORE

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Top 3 Mistakes on Filing UCC3 Change Statements

December 05, 2013 UCC, Tips

In order to fend of challenges to their priority position, UCC filers must keep their filing information accurate and up-to-date. This is accomplished by filing the appropriate UCC3 Statement. There are five types of UCC3 Filings: Continuations extend the term for a Financing Statement by an additional five years Party Amendments add, delete or change debtor or secured party information Collateral Amendments add, delete or restate collateral…READ MORE

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