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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Does the filing of a notice of federal tax lien against a borrower prime an existing lender’s prior perfected security interest in all of the borrower’s present and future assets?

UCC, Reduce Financial Risk

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 may… >> READ MORE

Free eBook on Purchase Money Security Interest (PMSI)

UCC, Corporate, Tips

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

Purchase Money Security Rules in Equipment and Inventory – Part Seven

Corporate, Due Diligence

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

5 Types of UCC3 Change Statements


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

COVID-19 Impact on UCC 1 Perfection at States and Counties


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

Reduce UCC Filing Errors with an API for UCC


Reduce UCC filing errors and streamlining UCC processes at the same time. Improve compliance and accuracy at the same time. Sound good? You can do it with API for UCC. API for UCC allows you to improve compliance and accuracy while at the same time easing workload. It frees up valuable time for you and your staff to focus energies on other key aspects of your operation, and gives you the power to efficiently manage your growing portfolio… >> READ MORE

Delaware Offers Preclearance Review of Corporate Documents to Reduce Rejections

Corporate, Due Diligence, Tips

The State of Delaware offers Preclearance Review of Corporate Documents to assist filers through the corporate filing process and reduce the number of filings that do not meet required criteria. Various preclearance corporate filing services are offered and their official review procedures are a convenient way to avoid potential processing errors. This service assures that you have accurately drafted your corporate document before formally… >> READ MORE

FCS adjusts to COVID-19

Services / System Update

Along with the rest of the world, First Corporate Solutions continues to adjust and adapt to COVID-19. We continue to listen and learn as the evolving situation develops, and continue to follow information and guidance from experts to lead our actions as we look to protect our employees from harm’s way while also fulfilling our responsibilities to our clients and partners in risk management and compliance. What has FCS done? One… >> READ MORE

Filing Office Closures due to Coronavirus (Updated 4/24/20)

Services / System Update

The impact of the coronavirus (COVID-19) is being felt worldwide and First Corporate Solutions is doing everything possible to maintain workflow capabilities and standards while this worldwide event plays out. There are, however, certain documentation processes that are out of our control, like closures or limitations to filing offices and court records due to quarantine or other action. Below is a list of filing offices that are being impacted… >> READ MORE

Florida Corporations Beware: Here’s what you need to know in 2020


If you run a Florida corporation, your year has started off with a series of legislative updates that could potentially impact your business. On January 1, 2020, Florida House Bill 1009 took effect, revising the Florida Business Corporation Act and affecting almost every section of the law, in many cases, substantially. Below are just a few of the revisions which took effect cited from Florida Statutes Chapter 607. DOCUMENT CORRECTIONS Corrections… >> READ MORE