All FCS Offices will be closed on Monday, May 29th in observance of the Memorial Day holiday.
First Corporate Solutions
Does the filing of a notice of federal tax lien against a borrower prime an existing lender’s prior perfected security interest in all of the borrower’s present and future assets?
April 24, 2014
UCC, Reduce Financial Risk
Do you have questions about how your perfected security interest will be affected by a federal tax lien? Are you at risk to losing priority in regard to after-acquired collateral in the event a federal tax lien is filed against your debtor? Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., gets asked questions like this all the time, and has taken the time to write some answers regarding federal tax liens. You may…READ MORE
Delaware to Increase Minimum Tax Fee for Corporations and Annual Tax Fee for Alternative Entities
April 21, 2014
UCC, Corporate, Due Diligence
House Bill 265 w/HA1, HA3/Title 8 has been signed into effect by the Governor of Delaware. The bill is effective immediately, but the state is offering a grace period until July 1,2014 before enforcing the new tax rates.
This Act increases the annual tax assessed on partnerships, limited partnerships and limited liability companies on file with the Secretary of State from $250 to $300 and increases the corporation franchise tax by $100…READ MORE
Filing Mistakes on UCC1 Financing Statements You Need to Avoid
April 17, 2014
We have previously posted several tips on how to avoid errors when filing a UCC1 Financing Statement, and in this blog post we've rounded up some of the most common mistakes. Submitting a UCC1 Financing Statements with mistakes may have legal consequences, so double check your filing for any of the errors listed below to minimize your risk.
1. Failing to file under the exact legal name
A UCC filing must properly identify the debtor…READ MORE
A Factor’s Perspective on Pre-Filed UCC Financial Statements
April 10, 2014
Under Revised Article 9 of the Uniform Commercial Code, secured parties are permitted to pre-file UCC Financing Statements, meaning they may file their UCC document before official execution of the security agreement provided the secured party receives proper authorization from the borrower. This week, we welcome Steve Capper of Flexible Funding as a guest author on the FCS blog. In this piece, Steve offers some words of caution for borrowers…READ MORE
How to Choose a Monitoring Program for Asset-Based Lenders and Factors
April 03, 2014
UCC, Due Diligence, Reduce Financial Risk, Tips, Lien Monitoring, Event
In honor of the 2014 Factoring Conference, we compiled some of our favorite tips on choosing a lien monitoring solution, a service that all asset-based lenders and factors need to help mitigate risk. Here is a quick ‘stress test’ you can give your lien monitoring approach to see if it’s up to scratch.
Does your lien monitoring program…
Quickly Alert You of Federal Tax Lien Filings?
Many creditors consider Federal Tax Liens…READ MORE