How Will The Potential State Shutdown in Minnesota Affect Your UCC & Corporate Transactions?
UCC, Corporate, Due Diligence
Across the nation, state and county-level governments face overwhelming budget shortfalls, dramatically impacting their ability to deliver public services. We learned this week that things are particularly bad in the state of Minnesota.
Due to a statewide budget crisis, the Minnesota Secretary of State’s office is facing a potential closure. The Minnesota State Legislature adjourned last month without appropriating money to fund state…READ MORE
Broad Based Name Searching: What is it? Why is it Important?
UCC, Due Diligence
There are many options available for those looking to perform a UCC and lien search. There are certified searches that come directly from the filing office, state direct database searches that are available on a state’s website, and proprietary search systems that private service companies build and maintain. A while back, First Corporate Solutions published a blog series on evaluating state search options where we discussed the benefits…READ MORE
UCC Searches Might Reflect Filings More Current than the Through Date
UCC
Did you know that a UCC search might show UCCs filed beyond the search’s through date? It’s true! Read on to find out why.
At the state filing offices, UCC filings are accepted for filing and entered into the public record. Once every filing from a certain date is posted into the index, the state will advance their through date. A through date is the state’s way of saying, “We can guarantee that everything that was submitted to…READ MORE
Two Important Reasons To Include Terminated Filings in Your UCC Search Efforts
UCC
One of the more common special requests we get from customers is to omit terminated filings from their UCC search results. When customers request that we leave terminated filings off our search reports, it usually stems from a misconception that once a termination statement is filed the financing statement no longer matters in terms of determining priority of claims. Not so fast!
There are two very important reasons to include terminated…READ MORE