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Just a reminder to our readers that the Delaware annual fee for Limited Liability Companies, Limited Partnerships and General Partnerships formed or registered in Delaware is due Monday, June 1 by 11:45 pm. You can pay the fee here at the Delaware SOS website. If you need assistance or more information, please contact First Corporate Solutions team for assistance.READ MORE
That’s a good question, and revisions to Article 9 of the Uniform Commercial Code over the years has looked to clarify the answer.
It comes down to determining the business entities’ State of Organization and the State of Residence for individuals. Revised Article 9 sets forth that UCC Financing Statements filed against business entities are to be filed in their state of organization. UCCs filed against individuals must be filed in…READ MORE
In our continued focus on the importance of public records research to a secured party’s security interest perfection process, today we list three of the main reasons. So why is public records research essential to an Asset-based lender’s due diligence processes?
1. To determine priority before filing
A public records search uncovers pre-existing liens (like Federal and State tax liens, Judgment liens and UCCs) which can prevent…READ MORE
Do risks to your perfected security interest end with Federal tax liens and pre-lien IRS related threats? The simple answer is No. Some would seem to have you believe the opposite is true, but it’s not.
For example, last week we discussed how judgment liens can prime a previously perfected security interest. If you missed that post you can check it out here. But that’s not all. In some states, State tax liens can also potentially…READ MORE