Risk Management Blog

[Limited Time Offer] All Georgia state searches our users run on FCS online UCC searching, filing and portfolio management system through the end of April (4/30/2015) are free of charge. For existing clients, simply log in on starting Monday, April 1, 2015 to experience the benefits in action and take advantage of this opportunity. Not an FCS online user? Claim your offer today by scheduling a demo and entering special code… >> READ MORE

This is a question we face all the time when discussing our search methodology with customers and other interested parties. What does casting a wide net even mean in this context? Essentially, it means performing a search so that broad based results are produced, not narrow ones. That might seem counter intuitive since secured parties are required to file their UCCs with the exact legal names of entities and individuals as debtors, but… >> READ MORE

That’s a good question, and revisions to Article 9 of the Uniform Commercial Code over the years has looked to clarify the answer. It comes down to determining the business entities’ State of Organization and the State of Residence for individuals. Revised Article 9 sets forth that UCC Financing Statements filed against business entities are to be filed in their state of organization. UCCs filed against individuals must be filed in… >> READ MORE

Last week’s blog post discussed why you need to file an annual report for your entity. This week we’re providing you a chart detailing when Annual Reports are expected to be filed in all 50 States. Check it out below. Part I State Foreign Corp Domestic Corp. Foreign NP Corp Domestic NP Corp Alabama 2.5 Months 2.5 Months Not required Not required Alaska Jan. 2nd Jan. 2nd July 2nd July 2nd. Arizona Anniversary… >> READ MORE

Depending on the specific state where you are conducting your lien search, tax lien records can often be maintained in separate indexes from UCCs. Sometimes these separate indexes can be found within the Secretary of States themselves, like in Illinois where the SOS maintains a separate index for UCCs and a separate index for Federal tax liens; searching only the UCC index will not reveal Federal tax liens of record. Other times these… >> READ MORE

This week we introduce guest blogger and attorney Shelley Gould from the Law Offices of David B. Bloom. She delves into what an interpleader action is and how escrow officers can utilize this tool and why. Today’s post is the second and final part of the article. BENEFITS OF FILING AN INTERPLEADER ACTION There are multiple benefits to instituting an interpleader action. Many times escrow hasn’t closed and the Escrow holder is faced… >> READ MORE

The Merchant Cash Advance market continues to rise and this week we take a closer look at it. A merchant cash advance started as lump sum payments to businesses in exchange for a percentage of future credit card/debit card transactions. It’s a way for businesses to gain cash quickly while also structuring a relatively short-term payment plan. Businesses which perhaps met some difficulties accessing capital in the traditional avenues… >> READ MORE

So what is TRID anyway? It went into effect October 1, 2015, and by now most of you have heard of it but perhaps there is still some confusion about what it is and why it came to be. We’ll try to fill in some blanks below. TRID is an acronym for the mortgage form acronyms TILA and RESPA and is a result of the new closing disclosure rules that came out of Dodd-Frank. It’s an attempt to merge the two forms to eliminate, or at least… >> READ MORE

Do You File FBN Statements In California? California Senate Bill 1467 amended Business and Professions Code sections 17901, 17913, 17914 and 17916 and went into effect January 1, 2015. With the implementation of this bill most counties in California revised their Fictitious Business Name Statement forms and also added some supplemental forms to meet the Senate Bill’s requirements. An issue has arisen with the implementation of the… >> READ MORE

In order to help you prepare, the following is the current list of California Secretary of State holiday closures for the remainder of the 2015 year and for next year 2016. This list is subject to change. State Holiday Schedule through 2015: Wednesday, November 11, 2015 – Veterans Day Thursday, November 26, 2015 – Thanksgiving Day Friday, November 27, 2015 – Day after Thanksgiving Friday, December 25, 2015 – Christmas… >> READ MORE