Is there adequate “control” language in the control agreement?
UCC, Due Diligence, Revised Article 9
We continue our examination of control agreements for pledged securities accounts with guest blogger Bennett Cohen of the law firm Cohen, Salk & Huvard, P.C. For more background on control agreements, see our introductory post here.
Is there adequate "control" language in the control agreement?
Some control agreements we reviewed failed to contain the necessary language required for the Lender to be deemed in "control" of the… >> READ MORE
[Important] Notice of Change – New UCC Filing Forms
UCC, Online UCC System, Due Diligence, Revised Article 9
Beginning July 1, 2014, California state law requires use of the revised forms below to be accepted for filing. The following revised UCC filing forms are available on the Secretary of State's Forms and Fees webpage found here:
http://www.sos.ca.gov/business/ucc/forms.htm.
Here is a list of the revised forms:
UCC Financing Statement (Form UCC1)
UCC Financing Statement Addendum (Form UCC1Ad)
UCC Financing Statement Amendment… >> READ MORE
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, can the lender claim a security interest in the deposit account as proceeds of its equipment or inventory?
UCC, Due Diligence
Do you have UCC questions? Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., has the answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI).
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, can the lender claim a security interest in… >> READ MORE
First Corporate Solutions Releases Exciting New Search Features to FCS Online
UCC, Services / System Update
Expanded State Details
Expanded State Details for online search states allow users to know what lien types are included in the data, discover the date range for FCS Online images and learn about any state-specific data idiosyncrasies that may affect their search result.
Simplified Ordering
Enhanced state selection menu merges online and offline search states for simplified ordering of offline searches. Users select an offline state… >> READ MORE
Examining Issues with Control Agreements for Pledged Securities Accounts
UCC, Due Diligence, Revised Article 9
We are pleased to welcome back attorney Bennett Cohen of Illinois law firm Cohen, Salk and Huvard, P.C. as a guest blogger! Over the next few weeks, Mr. Cohen will share his expertise on the topic of control agreements for pledged securities accounts.
Examining Issues with Control Agreements for Pledged Securities Accounts - Introduction
Control agreements for pledged securities accounts come in all shapes and sizes, and it is… >> READ MORE
Preserving a Mortgage Lien When The Property is Transferred
Title Related Topics
We continue our guest blog series with commercial lending 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.
Real Estate Transfer: If a lender discovers that its borrower/mortgagor has transferred ownership of the mortgaged property to a trust or other person or entity, does the lender need to do anything… >> READ MORE
How California Unsecured Creditors Can Protect Themselves From Bad Debt Losses
Reduce Financial Risk, Tips
Many of our clients in California are unsecured creditors, which means they do not file a security interest (such as a UCC) to ensure they are paid for products or services rendered. They essentially ‘front’ their product and expect their invoices to be paid in a timely fashion. Whether they are a wholesale produce distributor, waste management company or an office supply wholesaler, we have seen them experience the same problem—when… >> READ MORE
What If I Don’t Assign a Registered Agent for My Entity?
Registered Agent
A business that does not select a registered agent may risk falling out of "good standing" with the state in which it is registered. Penalties can include license revocation, fines, and the inability to enter into legal contracts and/or gain access to the state court system. Also, reinstatement proceedings could include further civil penalties and possibly criminal sanctions as well. If you try to file without a registered agent your filing… >> READ MORE
First Corporate Solutions Will Exhibit CADENCE Integrated Lien Monitoring at the CADENCE User Conference
Lien Monitoring, Events & Tradeshows
It's that time of year again: The CADENCE User Conference is just a few days away! The conference kicks off Tuesday, October 21 and runs through 10/23 at the Sheraton Birmingham, Alabama.
The conference, which has grown from a handful of CADENCE users into a substantial group of partners and vendors, will give Bayside Business Solutions partners a chance to discuss their various integrations with CADENCE, as well as give operators the… >> READ MORE
New Developments as Fight Against UCC Fraud Gains Momentum
Legislation
Earlier this year, FCS posted a story on our blog warning readers about Redemption Process and the dangers of UCC fraud. You can read that post here . We are happy to report that in recent weeks there has been significant progress in the fight against fraudulently filed UCC documents.
In August, the National Association of Secretaries of State (NASS) released their report on bogus UCC filings titled, “State Strategies to Subvert Fraudulent… >> READ MORE
