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First Corporate Solutions
[Important] Notice of Change – New UCC Filing Forms
June 26, 2014
UCC, Online UCC System, Due Diligence, Revised Article 9
Beginning July 1, 2014, California state law requires use of the revised forms below to be accepted for filing. The following revised UCC filing forms are available on the Secretary of State's Forms and Fees webpage found here:
Here is a list of the revised forms:
UCC Financing Statement (Form UCC1)
UCC Financing Statement Addendum (Form UCC1Ad)
UCC Financing Statement Amendment (Form…READ MORE
What Is the Best Legal Structure for Your Start-Up?
June 26, 2014
This is a guest post from Bettina Eckerle of Eckerle Law. She specializes in corporate law and helping companies at every stage of their life cycle.
The questions that invariably come up for all my start-up clients is: Do I have to form a legal entity, if yes, what kind and why? Entrepreneurs have a number of legal structures available when seeking to capitalize on a million dollar idea. Because each type of entity has distinct advantages…READ MORE
Is There Any Risk to a Lender Who Files Its UCC Statement After the Loan Closing?
June 19, 2014
UCC, Due Diligence, Reduce Financial Risk
Do you have UCC questions? Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., has the answers. Check out his guest post below. You may also want to check out his free eBook on RA9 Revisions to Individual Debtor Names.
Timely UCC Filing: Is there any risk to a lender who files its UCC statement after the loan closing?
Answer: Yes, the obvious risk is that an intervening lien (e.g., another UCC filing or…READ MORE
If a lender has a security interest in equipment or inventory and such collateral is sold and the proceeds deposited in a bank that is not the lender, can the lender claim a security interest in the deposit account as proceeds of its equipment or inventory?
June 12, 2014
UCC, Due Diligence
Do you have UCC questions? Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., has the answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI).
Deposit Account As Collateral: If a lender has a security interest in equipment or inventory and such collateral is sold and the proceeds deposited in a bank that is not the lender, can the lender claim a security interest in…READ MORE
How California Unsecured Creditors Can Protect Themselves From Bad Debt Losses
June 05, 2014
Reduce Financial Risk, Tips
Many of our clients in California are unsecured creditors, which means they do not file a security interest (such as a UCC) to ensure they are paid for products or services rendered. They essentially ‘front’ their product and expect their invoices to be paid in a timely fashion. Whether they are a wholesale produce distributor, waste management company or an office supply wholesaler, we have seen them experience the same problem—when…READ MORE
Can a Lender Perfect a Security Interest in a Deposit Account at Another Banking Institution?
June 03, 2014
We continue our guest blog series on commercial lending this week with attorney Bennett Cohen of the law firm Cohen, Salk & Huvard, P.C. You may also want to check out his eBook: Important Revisions To Article 9′s Rules Regarding Individual Debtors.
Deposit Account As Collateral: If a lender has a security interest in equipment or inventory and such collateral is sold and the proceeds deposited in a bank that is not the lender,…READ MORE