Delaware State Holiday Schedule 2023
Delaware Secretary of State released their latest holiday schedule:
Friday, November 10, 2023
State Holiday – Veterans Day (observed) – The Division of Corporations will be closed.**
Wednesday, November 22, 2023
There will be no change in the regular hours of the Division - the 4-12 shift will be working 4 P.M. to 12 Midnight.
Thursday, November 23 & Friday, November 24, 2023
State Holidays - Thanksgiving Day and day… >> READ MORE
Navigating Risk in an Economic Downturn: A Guide to UCC Due Diligence
In times of economic volatility and uncertainty, lenders face increased challenges in managing risk. In times like these, due diligence becomes a critical aspect of lending practices, particularly when it comes to the Uniform Commercial Code (UCC). By thoroughly understanding and implementing the principles of the UCC, lenders can effectively navigate through an economic downturn while minimizing their risk exposure.
Key Challenges During… >> READ MORE
Expert Tips on Avoiding Business Entity Filing Rejections
Timing is critical when filing business entity documents . In many cases, proof of filing is a necessary step towards accomplishing other important tasks such as entering into contracts or opening a business bank account. Whether filing original formation documents or other papers related to the maintenance of a business entity, a rejected document can cost a filer time they can’t really afford to lose. There are many reasons why a filing… >> READ MORE
UCC Financing Statements in Three Easy Pieces
In last week’s blog post, we noted that a creditor files a UCC Financing Statement to give public notice of their interest in a debtor’s collateral and to secure a priority position to collect should the debtor default. This week we are going to talk a little more abut UCC Financing Statements by looking at the National UCC Financing Statement form.
You can follow this link to the National UCC Financing Statement form and Instructions:… >> READ MORE
UCC-3 for Factors: Understanding and Navigating Changes to UCC Filings
As the world of finance continues to evolve, the importance of keeping up with regulatory changes cannot be overstated. For those in the factoring industry, specifically, understanding and adhering to the Uniform Commercial Code (UCC) is crucial.
The UCC lifecycle begins with a properly filed UCC-1 Financing Statement. This filing serves as a public notice of the secured party’s interest in the debtor’s collateral and establishes… >> READ MORE
Lien Monitoring Programs: What Liens To Search For
UCC, Lien Monitoring
Once a creditor has filed their UCC Financing Statement they’ll likely want to do all they can to maintain their priority position throughout the life of the loan. Lien-monitoring programs offer a great way for a secured party to keep a watchful eye on other lien-holder activity against their debtor.
The concept behind lien-monitoring is that the sooner a creditor knows about a lien, the sooner they can act to protect their interests.… >> READ MORE
Understanding the Limitations of State Direct UCC Online Searches & New Alternative Solution
UCC, Due Diligence
Before using any online UCC or lien search system, be sure to evaluate it carefully to understand its limitations
A growing number of state filing offices are offering UCC search databases at low to no cost via their websites. In an effort to keep due diligence costs low, many searchers are turning to state direct online databases to fulfill their UCC search requirements.
It’s easy to understand the appeal of these state direct… >> READ MORE
Why Many Businesses Organize in Delaware
Most of us have heard that a large number of businesses choose to file their organizing paperwork in the State of Delaware. In fact, more than half of the corporations that make up the Fortune 500 are incorporated in Delaware. Why is that?
Easy and Affordable
The State of Delaware makes it easy and affordable to set up shop. The fees for filing organizing paperwork in the state are low compared to most other states and businesses that… >> READ MORE
Maximize UCC and Lien Search Results to Minimize Risk
UCC, Due Diligence
When conducting UCC and lien searches as part of a prefunding due diligence investigation it is a good idea to maximize your results in order to minimize your risk. This strategy helps uncover hidden liens and those filed under critical name variations. To accomplish this, you will want to cast a wide net to bring in as many potential hits as possible and then whittle them down to only those that are pertinent to your transaction.
Online… >> READ MORE
Secured Creditors and Unsecured Creditors: What’s the Difference?
UCC, Due Diligence
There are secured creditors and unsecured creditors. But what is the difference between secured creditors and unsecured creditors?
Secured Creditors are creditors that hold a lien on its debtor’s property, whether that property is real property or personal property. The lien gives the secured creditor an interest in its debtor’s property that provides for the property to be sold to satisfy the debt in cases of default.… >> READ MORE