FCS Online UCC and Lien Search System Adds Arkansas, Maine, Vermont and Wyoming
UCC, Services / System Update, Due Diligence
We are delighted to announce we have expanded our online UCC and lien search system to include Arkansas, Maine, Vermont and Wyoming. Starting Monday, March 31, active users may log on to ficoso.com and search our reliable data obtained directly from the states.
These new states add 1,407,279 UCC and lien documents to our online system.
Use our broad-based search engine to locate liens by debtor name or file number, then use our… >> READ MORE
Tips for Effective UCC and Lien Searching
UCC, Online UCC System, Due Diligence, Reduce Financial Risk, Tips
The simple purpose of UCC and lien searching is to minimize your lending risk by accurately informing your lending decisions. UCC and lien searching is not a black or white process, however; the quality of your search results plays a essential role in helping you to determine that risk. If for any reason your search results are inaccurate or incomplete, your effectiveness in mitigating your lending risk is diminished. Read on for tips… >> READ MORE
How to Choose a Monitoring Program for Asset-Based Lenders and Factors
UCC, Due Diligence, Reduce Financial Risk, Tips, Lien Monitoring, Events & Tradeshows
In honor of the 2014 Factoring Conference, we compiled some of our favorite tips on choosing a lien monitoring solution, a service that all asset-based lenders and factors need to help mitigate risk. Here is a quick ‘stress test’ you can give your lien monitoring approach to see if it’s up to scratch.
Does your lien monitoring program…
Quickly Alert You of Federal Tax Lien Filings?
Many creditors consider Federal Tax Liens the… >> READ MORE
Filing Mistakes on UCC1 Financing Statements You Need to Avoid
UCC
We have previously posted several tips on how to avoid errors when filing a UCC1 Financing Statement, and in this blog post we've rounded up some of the most common mistakes. Submitting a UCC1 Financing Statements with mistakes may have legal consequences, so double check your filing for any of the errors listed below to minimize your risk.
1. Failing to file under the exact legal name
A UCC filing must properly identify the debtor… >> READ MORE
Technology Trends for Legal Professionals
Tips
Legal professionals have always endured demanding workloads, strict deadlines and fast-paced environments. Technology has advanced rapidly over the last several years, offering new virtual channels for legal professionals to manage their workloads. We have spotted a few trends and tools from the legal industry and compiled them here.
Tools
Increasing efficiency and maintaining security are top of mind issues for legal professionals.… >> READ MORE
Control Agreements Effect on Priority Position
UCC, Due Diligence, Reduce Financial Risk
This is a guest post from 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.
Control Agreement for Pledged Deposit Account: Does the depository bank need to subordinate its security interest in the pledged deposit account to a lender's security interest granted in the pledged deposit account?
Answer:… >> READ MORE
What’s the Difference Between an “Active UCC Filing” and an “Effective UCC Filing?”
UCC, Due Diligence, Revised Article 9
The Uniform Commercial Code contains many terms and phrases that are esoteric to the commercial lending industry—they have a very specific meaning within the code. The definition can be crucial to your due diligence efforts, so it’s important to know the difference. One instance we’ve come across is the difference between an “active UCC filing” and an “effective UCC filing,” which can have an affect on your due diligence.… >> READ MORE
Kentucky UCC and Lien Data Added to FCS Online UCC System
UCC, Services / System Update, Online UCC System
First Corporate Solutions is pleased to announce the release of Kentucky data and image library to our online UCC search system. As of Monday, August 4, 2014, active online users can log on to www.ficoso.com and search our reliable state-direct UCC and tax lien data complemented by an expansive library of clear, downloadable document images.
FCS adds value to Kentucky data by including data on expired filings (not currently available… >> READ MORE
What’s the difference between a “lapsed” and “purged” UCC filing?
UCC, Due Diligence, Reduce Financial Risk
We’re back at it with more UCC terminology and definitions! Last week, we discussed the difference between “active” and “effective” UCC filings, and this week we’re moving on to the definitions of “lapsed” and “purged” filings.
Lapsed UCC filing: The filing has passed its effective period and no continuation has been filed.
Purged UCC filing: The filing has been removed from the index and is no longer searchable… >> READ MORE
Cloud Computing in the Legal Industry
Corporate
The use of cloud-based services has been a huge topic in the legal field for the last couple years. We’ll examine several issues surrounding cloud services for legal professionals using data from recent studies, as well as anecdotes from legal professionals, to discuss ethics involved with the use of cloud computing.
A major concern for legal professionals and law firms when it comes to adoption of cloud services is security. More… >> READ MORE
