Risk Management Blog

We continue our guest blog series with commercial lending attorney Bennett Cohen of the law firm Cohen, Salk & Huvard, P.C. You may also want to check out his eBook: Important Revisions To Article 9′s Rules Regarding Individual Debtors. Real Estate Transfer: If a lender discovers that its borrower/mortgagor has transferred ownership of the mortgaged property to a trust or other person or entity, does the lender need to do anything… >> READ MORE

Many of our clients in California are unsecured creditors, which means they do not file a security interest (such as a UCC) to ensure they are paid for products or services rendered. They essentially ‘front’ their product and expect their invoices to be paid in a timely fashion. Whether they are a wholesale produce distributor, waste management company or an office supply wholesaler, we have seen them experience the same problem—when… >> READ MORE

A business that does not select a registered agent may risk falling out of "good standing" with the state in which it is registered. Penalties can include license revocation, fines, and the inability to enter into legal contracts and/or gain access to the state court system. Also, reinstatement proceedings could include further civil penalties and possibly criminal sanctions as well. If you try to file without a registered agent your filing… >> READ MORE

If you do not reside in a state where your entity is qualified to do business, then most states require you to have a registered agent* to accept documents on your behalf. The state where your entity is registered needs to know they have a contact person for your business at all times (PO Box is not an acceptable address for registered agents). Your registered agent is responsible for receiving important tax and legal documents, such… >> READ MORE

The short answer to this question is Yes, but perhaps it is not the best answer. While it is usually possible in most states to legally serve as your own registered agent (or appoint a friend/family member), it is advisable to designate a third-party to perform this important role. By having someone else responsible for the receipt of your legal and tax documents, you can have the peace of mind that someone will always be available to… >> READ MORE

It's that time of year again: The CADENCE User Conference is just a few days away! The conference kicks off Tuesday, October 21 and runs through 10/23  at the Sheraton Birmingham, Alabama. The conference, which has grown from a handful of CADENCE users into a substantial group of partners and vendors, will give Bayside Business Solutions partners a chance to discuss their various integrations with CADENCE, as well as give operators the… >> READ MORE

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

In our continued focus on the importance of public records research to a secured party’s security interest perfection process, today we list three of the main reasons. So why is public records research essential to an Asset-based lender’s due diligence processes? 1. To determine priority before filing A public records search uncovers pre-existing liens (like Federal and State tax liens, Judgment liens and UCCs) which can prevent… >> READ MORE

As a lender, you need to know immediately if your customer is experiencing financial distress that could result in bankruptcy or debtor default. In this FREE guide you will find: Top 5 Mistakes to Avoid on UCC Financing Statements What a Search to Reflect can do for you When to File Continuation Statements Lien Monitoring Programs Importance of Monitoring to Reveal Name Variations Download this free guide today! >> READ MORE

As asset-based lenders and factors, you are aware that different loan types provide different risks and rewards, and as lenders and risk takers you look to capitalize on this fact. Because of the nature of your lending practices, there are specific solutions that have been designed to monitor a perfected security interest and assist secured parties in maintaining their perfected security interest once a UCC financing statement has been filed. Many… >> READ MORE