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During the question and answer period following a recent First Corporate Solutions webinar event, an attendee asked a great question. She asked, “How long should I wait after filing my UCC to order the search to reflect?” This week, we’ll devote a blog post to sharing the answer with all of our readers.
As a refresher, a search to reflect is a search of the UCC records of the office where you filed, after your document has posted…READ MORE
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, it…READ MORE
Once a creditor has filed their UCC Financing Statement they’ll likely want to do all they can to maintain their priority position throughout the life of the loan. Lien-monitoring programs offer a great way for a secured party to keep a watchful eye on other lien-holder activity against their debtor.
The concept behind lien-monitoring is that the sooner a creditor knows about a lien, the sooner they can act to protect their interests.…READ MORE
Financing Statements are filed as a means to protect a creditor’s investment and give them a mechanism to collect should the debtor default. However, a filed UCC Financing Statement is not necessarily enough. To provide priority protection for the creditor, a UCC1 must be properly filed in accordance with the Uniform Commercial Code (The Code) and the specific rules of the jurisdiction’s filing office. Since only a properly filed UCC…READ MORE
A UCC report will look different and may contain slightly different information depending on where the search was performed and by whom. As a result, it can be challenging to make sense of a UCC search report if you are unfamiliar with how to “read” it. Knowing that an accurate interpretation of the UCC data that is reported to you is critical to the success of your business, we offer the following tips for how to read a UCC search report.