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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Understanding and Obtaining Good Standing Certificates

Corporate

We here at First Corporate Solutions get a lot of inquiries about and requests for good standing certificates. Those of us in the public records industry interact with these documents all the time. Sometimes though, regular folks with no experience in corporate documents are told they need a good standing certificate and they feel lost and confused about what to do. As the title suggests, this week’s blog post aims to provide readers with… >> READ MORE


Purpose of Pre-Filing UCC Financing Statements

UCC

What is Pre-filing? In a traditional funding cycle, a lender will order lien searches on potential borrowers at the start of a new deal. Based on the results of those searches (and other measures of creditworthiness) the lender decides whether to fund the applicant. If the lender elects to advance funds, the lender will file a UCC Financing Statement to perfect their security interest and secure a priority position to collect should… >> READ MORE


Don’t overlook a federal tax lien filed at the county

Tips, Lien Monitoring

Federal tax liens are regularly filed at county filing offices across the country, so your account monitoring process should include those jurisdictions. In our experience, we see many federal tax liens being filed at the county instead of the state filing office. A federal tax lien, whether filed at the state or the county, may affect your priority position; therefore it is critical to keep an eye on lien-holder activity at both the state… >> READ MORE


Importance of County-Level Lien Monitoring

UCC, Lien Monitoring

Once a creditor has filed a UCC Financing Statement they will want to do all they can to maintain their priority position throughout the life of the loan. Lien monitoring programs run interval searches on debtor names to check for any new filing activity, and then provide timely updates to alert a creditor to potential threats. Monitoring offers an easy and affordable way for a secured party to keep an eye on other lien-holder activity against… >> READ MORE


Bad Corporate Standing: What is it? How do I fix it?

Corporate

There are countless occasions in which a person could be asked to supply a certificate of good standing for their business, or where a lender or attorney acts to obtain one. Two of the most common scenarios are to register or qualify a company to transact business in another state, and to open a business banking account. A good standing certificate verifies that an entity is authorized to transact business in a given jurisdiction and… >> READ MORE


A Review of the Basic Filing Rules: UCC Change Statements [Part 3]

UCC

Could you use a refresher on UCC filing rules? You’re in luck! This week, we welcome guest author, attorney, Bennett L. Cohen to the blog! Read on for the second installment in his two-part blog series detailing the basic filing rules under Revised Article 9 of the Uniform Commercial Code. It's vitally important that UCC filers understand and observe the basic UCC filing rules under the Uniform Commercial Code (the "Code") described… >> READ MORE


A Review of the Basic Filing Rules: UCC Change Statements [Part 2]

UCC

Could you use a refresher on UCC filing rules? You’re in luck! This week, we welcome guest author, attorney, Bennett L. Cohen to the blog! Read on for the second installment in his three-part blog series detailing the basic filing rules under Revised Article 9 of the Uniform Commercial Code. It's vitally important that UCC filers understand and observe the basic UCC filing rules under the Uniform Commercial Code (the "Code") described… >> READ MORE


Merchant Cash Advance Continues To Impact

UCC, Events & Tradeshows

As the Factoring world prepares to convene in Scottsdale April 13-16 for the annual International Factoring Association (IFA) conference, one of the topics of discussion will be the rise of Merchant Cash Advancers and their impact on the Factoring community. One of the speaker sessions will focus on this, as described below: Merchant Cash Advance Companies (MCA's) are relatively new to the business funding arena. Their method of operation… >> READ MORE


FCS to Sponsor the California Escrow Association’s 66th Annual Conference

Events & Tradeshows

First Corporate Solutions is once again proud to sponsor the California Escrow Association's 66th Annual Conference being held in Costa Mesa October 8-9, 2021. The conference features industry speakers, educational sessions, and legislative updates. These sessions are always informative with countless highly connected and informed speakers sharing their insights. As a long-time partner to California’s Bulk Sale Escrow Officers, FCS… >> READ MORE


Does the control agreement govern if it conflicts with any of the customer agreements between Pledgor and Broker?

UCC, Due Diligence, Revised Article 9

Attorney Bennett Cohen returns this week to continue his examination on control agreements for pledged securities accounts. This is part six in our eight part series on the topic of control agreements. To start from the beginning, please see the first post, Examining Issues with Control Agreements for Pledged Securities Accounts. Does the control agreement govern if it conflicts with any of the customer agreements between Pledgor… >> READ MORE