Can A Secured Party Be Liable For Failure To File Timely Terminations?
UCC, Due Diligence
According to Section 9-625 of the Uniform Commercial Code, yes.
But first, let’s take a step back.
In Article 9-513, the section of the Uniform Commercial Code that regards Termination Statements, the below is found under subsection 9-513(b) to address how long a secured party of record has to file a termination statement of a financing statement covering consumer goods if all obligations have been fulfilled by the debtor:
9-513(b)…READ MORE
Can A UCC Filing Be Terminated By The Debtor?
UCC, Due Diligence, Tips
In a word, yes, as long as there is no existing obligation to the lender and one follows a specific process.
The process for debtors to terminate UCC filings on themselves is provided for in the Uniform Commercial Code and can be found here in Section 9-513 of the Uniform Commercial Code. That process includes the below steps:
the Debtor must send an authenticated demand to the secured party
the demand must be sent to the name…READ MORE
CEA Nor Cal Escrow Conference Recap
Events & Tradeshows
First Corporate Solutions once again was proud and excited to exhibit at this year’s 27th annual CEA Nor Cal Escrow Conference, the Wild, Wild West of Escrow! The conference ran from July 21-22 at the Marriott in San Ramon and featured a host of excellent industry speakers and a mix of Escrow Officers from around the state.
FCS hosted a booth and offered information on our products and services that support Bulk Sale Escrow Officers,…READ MORE
