Risk Management Blog

In a recent blog post, we noted that the Delaware Secretary of State was raising some of their corporate filing and document retrieval fees as of 8/1/2009. As of 9/1/2009, some of the UCC fees are being increased as well. The fee for filing and indexing a UCC document will increase from $75.00 to $100.00; if there are additional pages, the fee is $2.00 per page, and if there are more than two debtor names, the fee is $25.00 per additional… >> READ MORE

A growing number of state filing offices are offering UCC search databases at low to no cost via their websites. In an effort to keep due diligence costs low, many searchers are turning to state direct online databases to fulfill their UCC search requirements. It’s easy to understand the appeal of these state direct databases – free searches: sounds great, right? When examined closely however, many of these state sites have limited… >> READ MORE

Most of us know that tons of businesses choose to file in Delaware, but what’s so great about the First State? More than half of the corporations that make up the Fortune 500 are incorporated in Delaware, and for good reason. The easy answer to this question is that it doesn’t cost much to incorporate in Delaware compared to most other states; plus, if you don’t actually conduct business in Delaware you don’t have to pay corporate… >> READ MORE

For a Secured Party, filing timely continuations for existing UCC1 Financing Statements is a critical step in maintaining a priority position to collect on debts. A UCC1 Financing Statement is effective for a period of five years. If not continued before its lapse date, a Financing Statement will cease to be effective, thereby allowing subsequent filers to secure a priority position. Figuring out when to file a Continuation can be confusing,… >> READ MORE

So, you just discovered that your UCC Financing Statement has been fraudulently terminated by the debtor. You are likely wondering what comes next. Is there anything you can do to reassert your priority position and minimize your risk? Don’t panic, there are several ways you can address the situation. Here are a few options you may want to explore: Do nothing There are only a few instances where a debtor-authorized termination is… >> READ MORE

In these tough economic times, many people are asking, “Why would I incur the cost to name a service provider as registered agent for my business? Why not just name one of my employees?” In practice, there are some significant advantages to enlisting an outside party to accept service of process and other legal and tax documents on behalf of your business. Consider the following: If your trusted employee is out of the office… >> READ MORE

When searching for liens as part of a prefunding search package, it is important to know where liens could be filed. The last thing any lender wants is a surprise lien! In order to be certain you’re getting the results you think you are; searches must be performed for the right records at the appropriate filing office. Here are some tips to help determine where to search: 1. Revised Article 9 sets forth that UCC Financing… >> READ MORE

1. Why slow/no Colorado UCC images? The Colorado Secretary of State is struggling with redaction and access to retrieve UCC and Federal Tax Lien copies is sporadic. You deserve consistent access. 2. How can First Corporate Solutions help? First Corporate Solutions has a current Colorado UCC index. You can also get real time access to online Colorado UCC images via our online system. 3. What to do next? Call 877.230.8933 Call First… >> READ MORE

We are glad to announce that First Corporate Solutions has been selected as a preferred vendor of the International Factoring Association (IFA) to offer services with discounted rates to the factoring community. The International Factoring Association's members consist of banks and finance companies that perform financing or factoring through the purchase of invoices or other types of accounts receivable. With First Corporate Solutions'… >> READ MORE

We welcome Asonia Credit Data to our blog today to discuss ways to stay competitive in today's factoring market. The factoring market is expanding rapidly, with an almost daily addition of new players. This steady influx of entrants has created a more competitive factoring market, with lower rates and tighter margins. Today, you have to do more with less income just to stay in the game. Lowering Costs Is Key in a Competitive Factoring… >> READ MORE