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After filing their UCC Financing Statement , lenders seek to maintain their priority by managing post-closing events that can jeopardize their ability to collect. Here are three quick tips for maintaining priority after filing a UCC .
1. Perform a Search to Reflect
A search to reflect is a search of the UCC records of the office where you filed a UCC after your document has posted to the index. A search to reflect will confirm…READ MORE
When coordinating pre-funding due diligence searches , there can be a lot of ambiguity in determining what name to search for an individual debtor. Think of all of the variations there could be of a person’s name: nicknames, people that go by their middle names rather than their first, former names due to a marriage or divorce, hyphenated or dual last names – all of these variations make it tough to be certain you are searching to…READ MORE
We have had several posts here on the FCS blog that address the public records filing scam that deals with the Sovereign Citizens movement and the so-called Redemption Process. Those who follow the movement believe that by filing a series of documents into the public record, including UCC1 Financing Statements, one can discharge all personal debt and gain access to a secret government account being held in their name.
Read our previous…READ MORE
The collateral description of a UCC Financing Statement is important, it is where the secured party details what items the debtor has offered as collateral to secure the loan. To effectively mitigate a creditor’s risk for loss and fend off challenges from other creditors, a UCC filing must adequately describe the collateral.
Figuring out how to describe the collateral on a UCC Financing Statement to best protect your interests can…READ MORE