Risk Management Blog

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

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

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 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

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

Do you have questions about how your perfected security interest will be affected by a federal tax lien? Are you at risk to losing priority in regard to after-acquired collateral in the event a federal tax lien is filed against your debtor? 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 regarding federal tax liens. You… >> READ MORE

First Corporate Solutions is pleased to present our eBook entitled Purchase Money Security Interests: Purchase Money Rules in Equipment and Inventory. Authored by Attorney Bennett L. Cohen of Cohen, Salk & Huvard, P.C., this eBook provides answers to all of your PMSI related questions including: How is a PMSI created? What obligations qualify as a PMSI? Does a PMSI in inventory prime a previosuly perfected interest in accounts? How… >> READ MORE

We are pleased to welcome attorney, Bennett L. Cohen of Cohen, Salk and Huvard, P.C., as a special guest blogger. Please read on for the seventh and final installment of Bennett’s seven-part blog series on Purchase Money Security Interest in Equipment and Inventory. Frequently Asked Question #8: Does a Borrower Obtaining Purchase Money Financing Create a Default Under the Security Agreement Between the Borrower and its Blanket Lien… >> READ MORE

A UCC3 is a change statement to a UCC1. It’s an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It’s a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests. Importantly, • the timing of UCC3 recording execution • the accuracy of the data changes or additions • and choosing the correct amendment… >> READ MORE

Filing offices have reopened across the country, but issues may linger and impact perfection of UCC filings But be aware, there are issues at jurisdiction filing offices Fortunately, some best practices can help alleviate those issues and assure your portfolio remains compliant. But before we review those best practices, let’s look at the issues. Many jurisdictions curtailed or stopped services, like over the counter services,… >> READ MORE