Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

What should I do if I accidentally let my UCC1 Financing Statement lapse?

January 30, 2014 UCC, Tips

A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived. If the underlying security agreement endures, a secured party should work with their legal or risk management department to determine…READ MORE

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If a UCC is filed with attachment pages, will the acknowledgement copy contain a date and file number on each page of the attachment?

January 23, 2014 UCC

Some filing offices will place a file number stamp or sticker on each page of a filed instrument, though most do not. Ordering a Search to Reflect to include copies of filed documents can confirm that the attachment pages were filed along with the face page. Questions? Contact First Corporate Solutions Free Reference Materials Visit our free reference library to download reference guides and other resource materials on UCC & corporate…READ MORE

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[On-Demand Webinar] Refresh Your UCC Knowledge

January 16, 2014 UCC, Due Diligence, Event

It's time to refresh your UCC knowledge! Join us this week for a practical overview of common UCC filing mistakes. An Insider's Guide to Avoid UCC Filing Mistakes Duration: 30 Minutes What Will You Learn? Join us for a practical overview of common mistakes that occur on UCC filings and tips for how to avoid them. Designed for beginning-level UCC filers, this 30 minute presentation discusses errors that result in rejection as well as those…READ MORE

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Revised 2014 California Business Entity Forms

January 09, 2014 Legislation

With the Business Entity Form Changes in California, the following forms have been revised.  The prior version of these forms will remain acceptable for filing, but will no longer be available on the California Secretary of State website.  These revised forms can be filed on or after January 2, 2014.  To get the revised forms, go to www.sos.ca.gov/business/be/forms.htm: Business Entities Fee Schedule Form LLC-3 (Certificate of Dissolution), Form…READ MORE

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Can I file my UCC on a “dba”?

January 02, 2014 UCC, Tips

You can, but keep in mind that according to the Uniform Commercial Code, filing under a trade name (dba) alone is not sufficient to perfect a security interest. In order to perfect, a secured party must file under the legal name of the debtor; a “dba” name does not constitute a legal name. A secured party may file under both the legal name and the trade name if they wish. Please refer to our previous blog post, Omit “dba” Notation…READ MORE

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