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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Success! California Bulk Sales Law Remains Intact.


We ALL truly did it! In the aftermath of our combined successful efforts to defeat SB12, the bill to repeal the Bulk Sale Law, First Corporate Solutions wishes to extend a sincere thank you to all of you who participated in the fight. The below associations, with their very able and experienced lobbyist representatives working in conjunction with First Corporate Solutions’ staff and our own lobbyist representation, came together… >> READ MORE

Senate Bill 12 Update (7/6/2012) – Call to Action Today


[Latest Update from the California Escrow Association (CEA) - 7/6/2012] This afternoon, the Assembly Revenue and Taxation Committee took up Senate Bill 12 for a second time.  Regretfully, the bill received the five votes necessary to move out of the committee.  Senate Bill 12 goes next to the Assembly Floor for a vote of the entire Assembly, after they reconvene from a month-long summer recess beginning Monday.  Your phone calls and… >> READ MORE

Senate Bill 12 Update (7/3/2012) – Call to Action Today


[Latest Update from the California Escrow Association (CEA) - 7/3/2012] Dear CEA Member: You are receiving this email because from your address it seems likely that you are in the district of a key member on the Assembly Revenue & Taxation Committee, as indicated below.  To confirm this, please click here to confirm your Assembly Member, and compare it to the Assembly Rev & Tax Committee Roster attached.  This is particularly… >> READ MORE

Senate Bill 12 Update (6/29/2012) – Call to Action Today


[Latest Update from the California Escrow Association (CEA) - 6/29/2012] We know it is month end; you are busy, and tired, and just glad it’s Friday.  But SB 12 goes to the Assembly Revenue & Taxation Committee on Monday, July 2nd. Assembly Members on the committee will be briefed by their staffs on Monday morning. It is MORE URGENT THAN EVER BEFORE that you send in your letter AND make your call today. The following “to… >> READ MORE

Senate Bill 12 Update (6/27/2012) – Call to Action


[Latest Update from the California Escrow Association (CEA) - 6/27/2012] Yesterday, SB 12 (as amended - SB 12 - Assembly Rev & Tax Committee_2012, SB_12_AsAmended) passed out of the Assembly Judiciary Committee. While this action was not unexpected, it makes our letter-writing campaign even more important. In preparation for the next hearing that will take place on Monday, July 2nd, in the Assembly Revenue & Taxation (“Rev… >> READ MORE

Senate Bill 12 Update (6/19/2012) – Call to Action


[Latest Update from the California Escrow Association (CEA) - 6/19/2012] Today SB 12 was heard in the Assembly Judiciary Committee. It did not move out of the committee for several reasons; among them, your letter writing and calling to your Assembly Members who serve on that Committee. We expect SB 12 will be heard again in the Assembly Judiciary Committee next Tuesday morning. If it makes it out of the committee on its second attempt,… >> READ MORE

New Developments as Fight Against UCC Fraud Gains Momentum


Earlier this year, FCS posted a story on our blog warning readers about Redemption Process and the dangers of UCC fraud. You can read that post here . We are happy to report that in recent weeks there has been significant progress in the fight against fraudulently filed UCC documents. In August, the National Association of Secretaries of State (NASS) released their report on bogus UCC filings titled, “State Strategies to Subvert Fraudulent… >> READ MORE

[Latest Update] 2010 UCC Article 9 Amendments Legislation


As we noted in our October blog post, California governor Jerry Brown signed CA Assembly Bill 502, making California the latest state to enact the 2010 Amendments to Article 9 of the Uniform Commercial Code.  The new filing rules will go into effect on July 1, 2014. Only six states have not enacted the Revised Article 9 legislation with an effective date of July 1. 2013. The remaining six states are: Alabama Arizona New York Oklahoma Vermont California… >> READ MORE

What should I do if I accidentally let my UCC1 Financing Statement lapse?

UCC, Tips

A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived. If the underlying security agreement endures, a secured party should work with their legal or risk management department to determine… >> READ MORE

Five Trends Guaranteed to Change the Face of the Paralegal Profession, Part Three


We are pleased to welcome Chere Estrin, editor-in-chief for SUE and KNOW magazines, as a special guest blogger. Please read on for the third installment of Chere’s five-part blog series on trends in the paralegal profession. Trend Number Three: Merger Mania and the Sarbanes-Oxley Act If only Enron, WorldCom, Computer Associates, Qwest, Comverse, Adelphia and others hadn’t generated so many business scandals. We probably wouldn’t… >> READ MORE