Can A Secured Party Be Liable For Failure To File Timely Terminations?
August 17, 2017
UCC, Due Diligence
According to Section 9-625 of the Uniform Commercial Code, yes.
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 secured party of record has to file a termination statement of a financing statement covering consumer goods if all obligations have been fulfilled by the debtor:
Can A UCC Filing Be Terminated By The Debtor?
August 10, 2017
UCC, Due Diligence, Tips
In a word, yes, as long as there is no existing obligation to the lender and one follows a specific process.
The process for debtors to terminate UCC filings on themselves is provided for in the Uniform Commercial Code and can be found here in Section 9-513 of the Uniform Commercial Code. That process includes the below steps:
the Debtor must send an authenticated demand to the secured party
the demand must be sent to the name…READ MORE
CEA Nor Cal Escrow Conference Recap
August 04, 2017
First Corporate Solutions once again was proud and excited to exhibit at this year’s 27th annual CEA Nor Cal Escrow Conference, the Wild, Wild West of Escrow! The conference ran from July 21-22 at the Marriott in San Ramon and featured a host of excellent industry speakers and a mix of Escrow Officers from around the state.
FCS hosted a booth and offered information on our products and services that support Bulk Sale Escrow Officers,…READ MORE
First Corporate Solutions to Exhibit at the Nor-Cal Escrow Educational Conference
July 20, 2017
First Corporate Solutions will exhibit at this year's 27th annual Northern California Escrow Conference, the Wild, Wild West of Escrow! The conference runs July 21-22 at the Marriott in San Ramon.
FCS will host a booth and offer information on our products and services that support Bulk Sale Escrow Officers, including UCC search packages, UCC filing, title search and UCC recording and publishing.
The conference will feature two days…READ MORE
State-Level Only Lien Monitoring Programs Only Tell Part of the Story
July 13, 2017
UCC, Due Diligence, Reduce Financial Risk, Lien Monitoring
Once a creditor has filed a UCC Financing Statement and perfected their security interest, maintaining that priority position throughout the life of the loan becomes paramount. Many choose to employ lien monitoring programs which run interval searches on debtor names to check for any new filing activity, and then provide timely updates that alert creditors to potential threats that may jeopardize their ability to collect.
Monitoring provides…READ MORE
Tips To Determine Which Party Names To Search When Lien Searching
July 07, 2017
UCC, Due Diligence, Reduce Financial Risk, Tips
Searching the correct party and correct legal name is imperative when coordinating due diligence search efforts. It is important to search all names under which liens could be filed.
This may seem simple and obvious, but keep in mind that liens, particularly involuntary liens like federal tax liens and judgment liens, could be filed under business names, individual names, aliases, nicknames, or even fictitious business names.
So, how…READ MORE
Why Use Delaware Preclearance Corporate Filing Service?
June 29, 2017
Corporate, Due Diligence
The State of Delaware offers Preclearance Review of Corporate Documents to assist filers through the corporate filing process and reduce the number of filings that do not meet required criteria. Various preclearance corporate filing services are offered and their official review procedures are a convenient way to avoid potential processing errors. This service assures that you have accurately drafted your corporate document before formally…READ MORE
Judgment Lien Attached To Personal Property Can Prime A Perfected Security Interest
June 22, 2017
UCC, Due Diligence, Lien Monitoring
Of course you’re aware that a federal tax lien can prime your perfected security interest 45 days after filing, knocking your UCC from first priority position if you do not act to protect your perfected position. It’s Factoring/ABL 101.
But what about a judgment lien attached to personal property? What impact can it have on your perfected security interest?
Turns out it can prime your first position UCC just like a federal tax…READ MORE
Real Property Title Searches Defined
June 15, 2017
Due Diligence, Title Related Topics
What is an Owner and Encumbrance Search? What is the difference between an Owner and Encumbrance Search and a Full Title Search? How about a Real Property Asset Search or an Easement/Boundary Dispute Search, what are they?
If you’ve ever wondered about any of these questions, read on for Real Property Title Searches Defined.
Owner and Encumbrance Search – Title reports which support and limit reported research to current ownership…READ MORE
Application Programming Interfaces for UCC – Are All API for UCC Alike?
June 02, 2017
UCC, Online UCC System, Due Diligence
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 and it is now another technology driven differentiator added to their UCC due diligence packages.
Much like how UCC portfolio managers and search engines vary in effectiveness and…READ MORE