Can a Lender Perfect a Security Interest in a Deposit Account at Another Banking Institution?
We continue our guest blog series on commercial lending this week with 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.
Deposit Account As Collateral: If a lender has a security interest in equipment or inventory and such collateral is sold and the proceeds deposited in a bank that is not the lender,… >> READ MORE
California Governor signs Assembly Bill 1858: Individual Debtor Name Safe Harbor
UCC, Legislation, Due Diligence, Revised Article 9
For those managing personal property transactions in California, it is important to understand and be prepared for recent legislation that has been passed to provide a safe harbor for proper entry of individual debtor names when filing and searching for UCC Financing Statements.
Effective January 1, 2015, California will join the majority of states in adopting legislation which governs the proper name identification of individuals. This… >> READ MORE
California Bulk Sales Legislation, Senate Bill 12, Seeks to Repeal the California Bulk Sales Law
The California State Senate is debating a piece of legislation that could dramatically affect your business. Labeled SB 12, this legislation seeks to amend significant sections of the state Business and Professions Code, the Civil Procedure Code, the Revenue and Taxation Code and Article 6 of the Uniform Commercial Code.
If passed, SB 12 will repeal the California Bulk Sales Law in its entirety.
First Corporate… >> READ MORE
Broad Based UCC and Lien Name Searching: What is it? Why is it Important?
UCC, Due Diligence
There are many options available for those looking to perform a UCC and lien search. There are certified searches that come directly from the filing office, state direct database searches that are available on a state’s website, and proprietary search systems that private service companies build and maintain. A while back, First Corporate Solutions published a blog series on evaluating state search options where we discussed the benefits… >> READ MORE
Broad Based UCC and Lien Name Searching – FCS Greatest Hits #1
UCC, Online UCC System, Due Diligence, Revised Article 9, Tips
We have published a lot of material on the topic of UCC searching over the years. Effective UCC searching can save you time and money, so this topic has been popular among our readers. Today, we are starting a six part blog series on the nature of broad based searching and search logic as it relates to UCC searching. Enjoy our first post, and please remember that these blog posts are for educational purposes only; always consult your legal… >> READ MORE
Benefits of a Proprietary UCC Database Search System – FCS Greatest Hits #4
UCC, Online UCC System, Due Diligence, Revised Article 9
The FCS Greatest Hits blog series continues today with more details on the features and benefits of searching with a proprietary UCC search system. And if you're looking to see an online UCC search system in action, don't hesitate to contact us for a free demonstration.
Benefits of a Proprietary UCC Database Search System
Let's take a look at the benefits of using a proprietary database to perform state UCC searches.
What is a… >> READ MORE
“Become a Facebook Fan” Contest Winner Announced!
As our readers know, in 2009, First Corporate Solutions (FCS) became active on several social networking sites.
In addition to here on the blog, you can find FCS on:
Become a fan on our Facebook page to track our trade show appearances and read insider industry tips on searching, filing and more!
Learn more about First Corporate Solutions by visiting our official company page
Follow FCS on Twitter… >> READ MORE
Are the termination provisions in the control agreement acceptable to the Lender?
UCC, Reduce Financial Risk
We're talking control agreements this week with attorney Bennett Cohen. We're midway through an eight part series on this topic, so if you need a refresher please check out our previous posts:
Examining Issues with Control Agreements for Pledged Securities Accounts
Is there adequate "control" language in the control agreement?
Has the Broker subordinated its statutory first priority security interest in the Securities Account to… >> READ MORE
All UCCs (Uniform Commercial Code) Are Not Created Equal
You would think that something called Uniform Commercial Code (UCC) would be uniform throughout the states, right? If only it were. As folks who regularly file UCC filings nationwide know, Uniform Commercial Code varies widely from state to state.
In Georgia, for instance, you have to pick a county in which to file even though all UCC filings are recorded in a centralized statewide database. In order to file a UCC-3, you need to make… >> READ MORE
Additional Resources for Information on UCC & Corporate Due Diligence
UCC, Corporate, Due Diligence
We try to cover a wide range of topics on the First Corporate Solutions blog. Our approach is to identify the questions we hear customers and prospects pose most frequently and address those areas of confusion proactively on the blog. This week we respond by sharing some additional information and resource outlets regarding UCC & corporate due diligence.
State and County Websites
When you need to perform a search or submit a filing… >> READ MORE