Single Extra Space Creates Seriously Misleading UCC Debtor Naming Error
UCC, Online UCC System, Due Diligence, Revised Article 9, Reduce Financial Risk, Tips Something
A recent court ruling in Wisconsin once again has affirmed the supreme importance secured parties must place on their data entry procedures when naming debtors on financing statements to perfect their security interests.
A recap of the case can be found here. Once again, a typo in the debtor name created a UCC filing that was judged to be seriously misleading, and therefore left the secured party’s security interest with the debtor… >> READ MORE
Tips To Determine Which Party Names To Search When Lien Searching
UCC, Due Diligence, Reduce Financial Risk, Tips Something
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,… >> READ MORE
Does a lender need to take possession of the original leases to perfect its security interest in the equipment leases?
UCC, Revised Article 9, Reduce Financial Risk Something
Do you have UCC questions about equipment leases? Are you at risk to losing priority to other creditors? 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. You may also want to check out his eBook on Purchase Money Security Interests (PMSI).
Pledges of Equipment Leases: Does a lender need to take possession of the… >> READ MORE
Does a lender need to file a precautionary UCC filing against the lessee of the equipment to perfect the lender’s security interest in the leased equipment?
UCC, Revised Article 9, Reduce Financial Risk Something
Do you have UCC questions about equipment leases? Are you at risk to losing priority to other creditors? 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. You may also want to check out his eBook on Purchase Money Security Interests (PMSI).
Precautionary UCC Filings against Lessees of Equipment: Does a lender need… >> READ MORE
Are the termination provisions in the control agreement acceptable to the Lender?
UCC, Reduce Financial Risk Something
We're talking control agreements this week with attorney Bennett Cohen. We're midway through an eight part series on this topic, so if you need a refresher please check out our previous posts:
Examining Issues with Control Agreements for Pledged Securities Accounts
Is there adequate "control" language in the control agreement?
Has the Broker subordinated its statutory first priority security interest in the Securities Account to… >> READ MORE
Additional Provisions That Should be Contained in the Control Agreement
UCC, Reduce Financial Risk Something
You've made it to the final blog post in our series on control agreements for pledged securities accounts, written by attorney Bennett Cohen of Cohen, Salk & Huvard P.C. For more information about his law firm, please see the website here.
This blog post series is informational in nature and is not intended to constitute, nor should it be relied upon as, legal advice to any recipient.
Additional Provisions That Should be Contained… >> READ MORE
Tips To Maintain Your Perfected Security Interest
Reduce Financial Risk, Tips, Lien Monitoring Something
Considering all the effort and resources you put into qualifying your debtors and perfecting your security interests, it's good to know there are some excellent tools you can utilize to help maintain that priority and make your efforts pay off.
Why go to all the trouble to investigate a potential new debtor’s credit worthiness, and decide to perfect your security interest by filing a Financing Statement in the correct jurisdiction, if… >> READ MORE
How California Unsecured Creditors Can Protect Themselves From Bad Debt Losses
Reduce Financial Risk, Tips Something
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
Free eBook on Lien-Related Post Funding Due Diligence
Due Diligence, Reduce Financial Risk, Lien Monitoring Something
As a lender, you need to know immediately if your customer is experiencing financial distress that could result in bankruptcy or debtor default. In this FREE guide you will find:
Top 5 Mistakes to Avoid on UCC Financing Statements
What a Search to Reflect can do for you
When to File Continuation Statements
Lien Monitoring Programs
Importance of Monitoring to Reveal Name Variations
Download this free guide today!
>> READ MORE
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?
UCC, Reduce Financial Risk Something
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