UCC Searching in Delaware
UCC, Due Diligence, Tips
With so many businesses organizing in Delaware, it has become a high volume UCC search state.
It is crucial to have a good working knowledge of a state’s search logic prior to ordering or performing UCC searches in that jurisdiction. Here are some important notes on UCC searching in Delaware:
Exact Name Search Logic
Search logic varies from state to state. Some states have online access to their UCCs offering broad-based search… >> READ MORE
Real Property Title Searches Defined
Due Diligence, Title Related Topics
What is an Owner and Encumbrance Search? What is the difference between an Owner and Encumbrance Search and a Full Title Search? How about a Real Property Asset Search or an Easement/Boundary Dispute Search, what are they?
If you’ve ever wondered about any of these questions, read on for Real Property Title Searches Defined.
Owner and Encumbrance Search – Title reports which support and limit reported research to current ownership… >> READ MORE
Visit FCS at the 2022 IFA Factoring Conference Booth #16
Events & Tradeshows
First Corporate Solutions is proud to exhibit our UCC searching, filing, monitoring and API solutions at the 28th Annual Factoring Conference May 4-6 in Boston, MA.
Are you going to Boston for the IFA conference too? Here are three reasons to swing by FCS's exhibitor booth (#16) to say "Hi".
Random booth giveaway: We'll be giving away 2 - $50 Amazon Gift Cards for IFA Conference attendees that drop off a business card
New… >> READ MORE
UCC Secured Party Representative Service – Explained
UCC, Online UCC System, Revised Article 9
UCC Secured Party Representative Service provides protection for secured lenders by using a representative’s name (instead of their own) in the Secured Party box on UCC Financing Statements.
Under Revised Article 9, UCC Section 9-502(a)(2), a financing statement must provide the name of the secured party or representative of the secured party. The Secured Party Representative Service key aspect is that the code allows “a representative”… >> READ MORE
Keeping Copy Costs Down for Your UCC & Lien Searches
UCC, Due Diligence
A couple of weeks ago, we featured a post on the blog titled, "Costs for Performing UCC, Lien and Litigation Searches" in which we discussed the types of fees you may encounter when hiring a service company to perform public records research, including: service fees, correspondent/agent fees, statutory/jurisdictional fees and copy costs. In this week’s blog post, we are going to share some additional information on copy costs and offer… >> READ MORE
Civil Judgments vs. Judgment Liens: What’s the Difference?
UCC, Litigation Research
If you’re like me when I was first introduced to this industry, you might be a little confused about the difference between judgments and judgment liens. They are two separate animals, and it’s important to know the difference if you’re trying to determine which to search for when doing your due diligence.
The easy definition is that a judgment is an official decision rendered by the court with regard to a civil matter. A judgment… >> 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
To Find Legal Name of a Business Debtor, Refer to Organizing Paperwork
According to the Uniform Commercial Code, a UCC Financing Statement is only effective if it gets the debtor name right. A UCC Financing Statement that fails to properly identify the debtor by their legal name will not offer the secured party priority status to collect should the debtor default or file for bankruptcy.
The Code goes on to say that for registered business debtors, the name that should appear on a UCC Financing Statement… >> READ MORE