Avoid Rejections On Your UCC And Corporate Filings
February 22, 2018
UCC, Corporate, Due Diligence, Tips Something
You’ve done your due diligence. Your ducks are all lined up. Now you just need to file your UCC and/or corporate documents. It’s just a technicality, right? The heavy lifting is done.
And then your filing gets rejected! What happened?
It could be any number of things, depending on the filing office you’re interacting with, but one thing is for sure: rejected filings cost secured parties time and money.
Below are some tips…READ MORE
Are All API For UCC Alike?
February 08, 2018
UCC, Due Diligence, Reduce Financial Risk Something
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 efficiency,…READ MORE
API for UCC – Enhance Compliance And Streamline Workflow
February 01, 2018
UCC, Online UCC System, Product Update, Due Diligence, Reduce Financial Risk Something
Are you a secured party? Want to improve and streamline your UCC perfection process?
You can! Enhance your compliance practices by eliminating the need to re-enter UCC information, and streamline your workflow by minimizing keystrokes, all at the same time.
With Direct B2B Interfaces for UCC transactions…API for UCC. This technology allows you to connect your business line software directly to reliable, fast, and accurate…READ MORE
California SB 2 Update On Varying County Requirements
January 11, 2018
UCC, Legislation, Due Diligence, Title Related Topics Something
As California SB 2 has been rolled out, its implementation has created varying applications county to county. All of you recording documents in California counties are very aware of this new reality.
Here’s a quick look at what SB2 is and what it does.
To further assist you, below are updates and requests from various County Recorders regarding California SB 2.
I. The below counties require a wet signature, under penalty of perjury,…READ MORE
Big Changes In Illinois: New Centralized State Tax Lien Registry Created
December 28, 2017
UCC, Corporate, Legislation, Due Diligence Something
Effective in Illinois on January 1, 2018, the State Tax Lien Registration Act will change how state tax liens are filed there. It will create one centralized State Tax Lien Registry for filing notices of tax liens in favor of or enforced by the Illinois Department of Revenue, who will manage the new registry.
Currently, state tax liens in Illinois are filed by the Illinois Department of Revenue for unpaid taxes at appropriate county recorder…READ MORE
Your Ultimate State Research Links Library
December 14, 2017
UCC, Corporate, Due Diligence Something
End of year buzzwords and phrases we all use and hear this time of year: get better organized, be more efficient, streamline, and ultimately, be more successful. We’ve all worked towards accomplishing them and we utilize tools and tactics that help us achieve them.
Below are links to various State departments nationwide, consolidating that information onto one web page, Your Ultimate State Research Links Library. We hope it’s a…READ MORE
Single Extra Space Creates Seriously Misleading UCC Debtor Naming Error
September 15, 2017
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
Frustrated By Missing Documents At Your Closings?
September 08, 2017
UCC, Corporate, Due Diligence Something
Familiar with that feeling? Of course we’re all looking for ways to improve efficiency and, on this topic, there are some steps you can take that may help save time and streamline processes so you’re ready when it’s time and you’re not frustrated by missing documents at your closings.
Don’t wait until the last minute. This seemingly simple tactic is vital to assuring you have the documents you need when you need them. If you…READ MORE
Can A Secured Party Be Liable For Failure To File Timely Terminations?
August 17, 2017
UCC, Due Diligence Something
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 Something
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