Risk Management Blog

This week we’re looking at a case study we recently encountered involving County Filings. It helps to demonstrate that even in today’s e-connected world there are still many instances for which there is no substitute for experience and the personal touch. Check it out below as told by Daniel Silverburg, our County Services Manager. We received a request to file a UCC-1 in Riverside County, CA, and with Riverside County also being… >> READ MORE

The California Consumer Privacy Act (CCPA), a comprehensive consumer protection law that redefines what is considered personal information and how that information is handled, took effect January 1, 2020, impacting companies doing business in the Golden State. Text of the CCPA can be found here. The CCPA places new requirements on a wide range of businesses that interact with the personal information of Californians regarding the collection,… >> READ MORE

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

One of the most common questions we get from customers and prospects is, “What collateral language should I use on my UCC filing to make sure we’re protected?” First Corporate Solutions customer service account managers encounter a lot of UCC Financing Statements and see a variety of different collateral statements included on UCC documents. In spite of this experience, the above is a question we really just can’t answer. The… >> READ MORE

In order to fend off challenges to their priority position, creditors must keep their UCC filing information accurate and up-to-date. Secured parties accomplish this by filing the appropriate amendment document (aka UCC3 or Change Statement). In this blog post, we answer some common questions on how to properly complete the UCC Financing Statement Amendment Form. Which file number do I list in Box 1a? In this section, the UCC filer inputs… >> READ MORE

A creditor must file their UCC1 Financing Statement quickly and correctly In order to perfect their security interest. Rejected UCC filings can prove costly for lenders as they open the door for secondary parties to claim a priority position. In this blog post, we offer a few tips to avoid rejection of your UCC documents. In truth, there are not many errors you can make that will cause a filing officer to reject a UCC document. For the… >> READ MORE

Over the years, First Corporate Solutions has published many blog posts relating to lien searching. Some of our most read posts on the topic of lien searching include, “What Party Names to Search as Part of Your Prefunding Due Diligence,” “Evaluating State UCC Search Options, a blog series,” “Why You Should be Searching For Tax Liens,” and “Three Quick Tips for Effective Lien Searching.” Now, we’ve combined these popular… >> READ MORE

Delaware UCC Search Options It is important to have a good working knowledge of a state’s search logic prior to ordering or performing UCC searches in that jurisdiction. With so many businesses organizing in the State of Delaware, it has also become a hotbed of UCC searching activity and in this blog post, we offer some information on performing UCC searches there. Delaware Certified Searches The Delaware Secretary of State provides… >> READ MORE

In previous blog posts, we have discussed the importance of searching for tax liens as part of a standard pre-funding due diligence investigation. To recap, there are two main reasons why it is critical to search for tax liens. First, tax liens are a factor in determining priority of claims and secondly, they are involuntary in nature, meaning that a debtor may not even be aware of a lien’s existence. As with any public record search,… >> READ MORE

As many of you are probably aware, state filing offices are in the process of reviewing and approving a set of proposed amendments to Revised Article 9 (RA9) of the Uniform Commercial Code. The proposed changes are designed to bring about increased consistency between filing offices and to offer answers to some questions that have been raised in the courts since RA9’s adoption back in 2001. As we have discussed on this blog on several… >> READ MORE