Why Search for Tax Liens and Judgment Liens?
August 28, 2014
UCC, Due Diligence
The short answer is that searching Tax Liens and Judgment Liens while conducting your due diligence might save you money and hassle, but let’s back up and explain the reasoning.
The first thing to understand is that both Tax Liens and Judgment Liens have priority relative to other types of liens, such as a UCC, based on the date of its filing, and this affects your ability to collect. For example, if your debtor has an outstanding Tax…READ MORE
California Assembly Bill 2416
August 26, 2014
Assembly Bill 2416, a bill currently moving through the California Legislature, could have negative effects on California business owners. The bill will allow an employee to place a lien on the personal property of their employer. Many organizations are opposed to this bill and have been vocal about their opposition, including the California Escrow Association. Below is the CEA’s stance on the bill:
AB 2416 (Stone) would allow an employee,…READ MORE
Model Administrative Rules (MARS) and Search Logic
August 21, 2014
UCC, Online UCC System, Revised Article 9
Following up on our post from earlier this week, What are “Standard Search Logic” and the Model Administrative Rules?, here's a behind-the-scenes look at how we created an online UCC search system that follows MARS guidelines.
An FCS online search report is intended to satisfy the requirements under the UCC Revised Article 9 Model Administrative Rules (MARS), which provide state filing offices with a set of guidelines for producing…READ MORE
What are “Standard Search Logic” and the Model Administrative Rules?
August 19, 2014
UCC, Online UCC System, Revised Article 9
The amount of liens filed in a given state’s filing office can number in the millions making accuracy, and the ability to uncover name variations, paramount when analyzing search results. Each individual Secretary of State filing office has a set of rules called “standard search logic” that determines what search results will show for a given search. Here’s the official definition:
Standard Search Logic: The search logic used…READ MORE
Why Would a Lender Establish a Security Interest for a Loan?
August 14, 2014
UCC, Revised Article 9
If you're new to the Uniform Commercial Code (UCC), you'll need a few basic definitions before we answer that. We'll start you off with a few terms that are the building blocks of UCC search and filing procedures.
Secured Transaction: This is a loan in which the lender acquires a security interest in collateral that belongs to the debtor.
Security Interest: This is a lender's claim to collateral that a debtor has provided for a loan.…READ MORE
How Does UCC Secured Party Representative Service Work?
August 12, 2014
UCC, Online UCC System, Due Diligence, Revised Article 9, Reduce Financial Risk
UCC Secured Party Representative Service is a new service from FCS that provides protection for secured lenders by using a representative’s name (instead of their own) on the Secured Party box on UCC Financing Statements. We’ve had some questions about how it works so we’ve outlined the process in this blog post. But before we get to that, we wanted to point out part of the RA 9 Amendment that makes our UCC Secured Party Representative…READ MORE
What’s the difference between a “lapsed” and “purged” UCC filing?
August 07, 2014
UCC, Due Diligence, Reduce Financial Risk
We’re back at it with more UCC terminology and definitions! Last week, we discussed the difference between “active” and “effective” UCC filings, and this week we’re moving on to the definitions of “lapsed” and “purged” filings.
Lapsed UCC filing: The filing has passed its effective period and no continuation has been filed.
Purged UCC filing: The filing has been removed from the index and is no longer searchable…READ MORE
Cloud Computing in the Legal Industry
August 05, 2014
The use of cloud-based services has been a huge topic in the legal field for the last couple years. We’ll examine several issues surrounding cloud services for legal professionals using data from recent studies, as well as anecdotes from legal professionals, to discuss ethics involved with the use of cloud computing.
A major concern for legal professionals and law firms when it comes to adoption of cloud services is security. More…READ MORE
Kentucky UCC and Lien Data Added to FCS Online UCC System
August 04, 2014
UCC, Services / System Update, Online UCC System
First Corporate Solutions is pleased to announce the release of Kentucky data and image library to our online UCC search system. As of Monday, August 4, 2014, active online users can log on to www.ficoso.com and search our reliable state-direct UCC and tax lien data complemented by an expansive library of clear, downloadable document images.
FCS adds value to Kentucky data by including data on expired filings (not currently available…READ MORE