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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Application Programming Interfaces for UCC – Are All API for UCC Alike?

UCC, Online UCC System, Due Diligence

In a word, no. The emergence of API for UCC with its increased efficiency and enhanced compliance capability has already occurred and the implementation is spreading. UCC data and portfolio management providers have moved quickly to develop API for UCC and it is now another technology driven differentiator added to their UCC due diligence packages. Much like how UCC portfolio managers and search engines vary in effectiveness and… >> 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


Interpleader:  What Is It And Why Is It An Effective Remedy In An Escrow Holder’s Arsenal? – Part I

UCC, Corporate

This week we introduce guest blogger and attorney Shelley Gould from the Law Offices of David B. Bloom. She delves into what an interpleader action is and how escrow officers can utilize this tool and why. Today’s post is the first of two parts; part 2 will be posted in next week’s blog. Please share your thoughts below. Interpleader clauses can be found in the general provisions of standard escrow instructions for the sale of a… >> READ MORE


Registered Agent, Process Agent, and Special Agency Explained

Corporate, Registered Agent

Having an agent to receive service of process (SOP) is not limited just to the formation or qualification of a business. Agents for SOP may be required in cross-border loan transactions or when registering with government agencies other than a Secretary of State or an equivalent special agency. Below we break down the different agent representation and their purposes. Companies forming or qualifying to do business are required to appoint… >> READ MORE


Tips to Choose the Right Title Search Company – Is Title Insurance Always Needed?

Title Related Topics

With impacts from COVID-19 changing so many things, you may be relieved to know that there are some things that remain the same. That is the case for certain title searches, depending on what they are intended for. Is an insured title product with a corresponding title policy required for all your title searches? Do you always need to pay for that premium? In today’s litigious society, the answer would seem to be yes. But is that… >> READ MORE


CEA Bulk Sale Seminar a Virtual Success

Events & Tradeshows

The California Escrow Association (CEA) is once again leading the way. Originally scheduled to be a one-day conference in Costa Mesa back in March, the California Escrow Association’s Annual Bulk Sale Seminar was called off because of COVID-19. But instead of canceling the event altogether, the CEA simply pivoted on today’s new realities and reschedule the event as a virtual conference. And what a success it has been, once again… >> READ MORE


Work From Home a Work In Progress

Tips

Work from home has been around before COVID-19 struck, but for many employers and employees, the time is now. Workplaces big, small and in between have adapted to meet the pandemic challenge. We now have social distanced offices with mask protocols, ubiquitous sanitizing stations, and when possible, relocated personnel to home office solutions...work from home. Face-to-face meetings to close deals or to attend… >> READ MORE


If a lender has a security interest in equipment or inventory and such collateral is sold and the proceeds deposited in a bank that is not the lender, can the lender claim a security interest in the deposit account as proceeds of its equipment or inventory?

UCC, Due Diligence

Do you have UCC questions?  Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., has the answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI). Deposit Account As Collateral: If a lender has a security interest in equipment or inventory and such collateral is sold and the proceeds deposited in a bank that is not the lender, can the lender claim a security interest in… >> READ MORE


UCC Q&A with Attorney Bennett Cohen

UCC

Do you have UCC questions?  Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., has the answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI). Question: Interplay between Inventory and Accounts—Can a prior UCC filing against a debtor’s inventory prime a lender’s subsequent UCC filing against the debtor’s accounts? Answer: Yes. Since accounts are “proceeds”… >> READ MORE


Does a lender need to file a precautionary UCC filing against the lessee of the equipment to perfect the lender’s security interest in the leased equipment?

UCC, Revised Article 9, Reduce Financial Risk

Do you have UCC questions about equipment leases?  Are you at risk to losing priority to other creditors? Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., gets asked questions like this all the time, and has taken the time to write some answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI). Precautionary UCC Filings against Lessees of Equipment: Does a lender need… >> READ MORE