Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

API for UCC–Are They All The Same?

October 03, 2019 UCC, Online UCC System, Due Diligence, Reduce Financial Risk

In a word, no. The emergence of API for UCC, with its increased efficiency and enhanced compliance capability, has already occurred and the implementation is spreading. UCC data and portfolio management providers have moved quickly to develop API for UCC, making it another technology driven, value added differentiator to their UCC due diligence service packages. Much like how UCC portfolio managers and search engines vary in effectiveness…READ MORE

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Secured Party Liability for Failure to File Timely Terminations

September 26, 2019 UCC, Online UCC System, Due Diligence

Can a secured party be liable for failure to file timely finance statement terminations? According to Section 9-625 of the Uniform Commercial Code, yes. There can be secured party liability for failure to file timely terminations. But first, let’s take a step back. In Article 9-513, the section of the Uniform Commercial Code that regards Termination Statements, the below is found under subsection 9-513(b) to address how long a…READ MORE

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True Value of Customer Service

September 12, 2019 UCC, Corporate, Registered Agent, Online UCC System, Due Diligence

Want to talk to a live person…need to talk to a live person? How many are you required to speak with, and repeat your story, before you finally get want you want and need (hopefully)? Perhaps you can login to a website and hunt answers to your questions, utilizing help desks and live chats, very useful depending on the issues’ complexities, or lack thereof. But even for login credential relationships, the true value of Customer…READ MORE

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Registered Agent, Process Agent, and Special Agency–What are they?

September 05, 2019 Corporate, Registered Agent

Having an agent to receive service of process (SOP) is not limited just to the formation or qualification of a business. Agents for SOP may be required in cross-border loan transactions or when registering with government agencies other than a Secretary of State or an equivalent special agency. Below we break down the different agent representation and their purposes. Companies forming or qualifying to do business are required to appoint…READ MORE

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Top 5 Filing Mistakes on UCC1 Financing Statements

August 29, 2019 UCC

A Secured Party must file their UCC1 Financing Statement quickly and correctly In order to perfect their security interest. Inaccurate, incomplete or untimely filings can prove costly for lenders as they open the door for secondary parties to claim a priority position. 1. Failing to file under the exact legal name A UCC filing must properly identify the debtor to effectively perfect a security interest. To satisfy this requirement,…READ MORE

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Legislation Effective September 1st

August 21, 2019 Corporate, Legislation

Texas House Bill 1159 Relates to acknowledgment of written instruments on behalf of limited liability companies. Senate Bill 1258 Provides for prosecution under the Penal Code of LLCs and other entities governed by the Business Organizations Code. House Bill 3609 Provides for business entities to file assumed name certificates only in the office of the Secretary of State and repeals the requirement to also file in county clerk…READ MORE

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Texas Revised Assumed Name Filing Requirements

August 21, 2019 Corporate, Legislation

Texas House Bill 3609: Effective September 1st, 2019 Amends the Assumed Business or Professional Name section (Title 5, Chapter 71) of Texas Business and Commerce Code to remove county filing requirements. Assumed Name Requirements Entities required to file Certificates of Assumed Name if regularly doing business under an assumed name: • Domestic Business Corporations • Limited Liability Companies (LLCs) • Limited Liability…READ MORE

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California Escrow Association Educational Conference Recap

July 19, 2019 Event

Aloha! We are proud to have exhibited once again at the 29th annual California Escrow Association (CEA) Nor Cal Educational Conference, The Ohana of Escrow! The conference ran from July 11th-12th at the Marriott in San Ramon and hosted a mix of Escrow Officers from around the state. Our Vice President of Strategic Relations, Chris Cerruti, tabled the event to offer information on our products and services that support Bulk Sale Escrow…READ MORE

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Delaware Legislation

July 15, 2019 Legislation

The following updates to Delaware legislation are effective August 1, 2019. SB 88 - Chapter 48 Amends the General Corporation Law (GCL), adding new provisions relating to documentation of transactions, the execution, and delivery of paper/electronic documents. Revisions were made to default provisions applicable to stockholder notices and updates to provisions governing notices of appraisal rights and stockholder consents delivered…READ MORE

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The Ohana of Escrow

July 11, 2019 Event

Aloha, Bulk Escrow Officers! The California Escrow Association NorCal Conference is taking place this Friday and Saturday. Escrow officers from across the state will come together and First Corporate Solutions is proud to attend! The Friday and Saturday schedules have planned sessions for many of the expected topics and culminates with the always anticipated Legislative Update. If you’re headed to the conference this week,…READ MORE

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