Risk Management Blog

Do you have UCC questions about equipment leases?  Are you at risk to losing priority to other creditors? Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., gets asked questions like this all the time, and has taken the time to write some answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI). Pledges of Equipment Leases: Does a lender need to take possession of the… >> READ MORE

Do you have UCC questions about equipment leases?  Are you at risk to losing priority to other creditors? Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., gets asked questions like this all the time, and has taken the time to write some answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI). Precautionary UCC Filings against Lessees of Equipment: Does a lender need… >> READ MORE

We welcome the California Escrow Association - Education Committee to our blog today with a discussion of the new CFPB regulations in California. HUD announced in a bulletin dated August 26, 2014 (see link below), in response to new CFPB regulations, that the requirement for collection of “Post Pay-off Interest” on FHA loans has been removed. The change has recently become a topic of discussion because it applies to loans that are… >> READ MORE

It’s not common knowledge, common in the way everyone knows how a Federal tax lien can prime a perfected security interest. But it’s true. Check out this article from Pahl McCay’s Catherine Robertson discussing the subject. Her final recommendation can be found at the end of her article, “we recommend you maintain a monitoring service for lien filings against your debtors.” The critical aspect here is that the monitoring… >> READ MORE

Effective December 1, 2015, the UCC Division of the Delaware Secretary of State will require that all UCC filings be submitted to the Division electronically. The Division will no longer accept paper UCC filings submitted directly to the State via mail, courier or fax. Electronic UCC filings may be submitted directly to the Division via an authorized Delaware agent, such as First Corporate Solutions, or via the State of Delaware’s e-UCC… >> READ MORE

House Bill 265 w/HA1, HA3/Title 8 has been signed into effect by the Governor of Delaware. The bill is effective immediately, but the state is offering a grace period until July 1,2014 before enforcing the new tax rates. This Act increases the annual tax assessed on partnerships, limited partnerships and limited liability companies on file with the Secretary of State from $250 to $300 and increases the corporation franchise tax by $100… >> READ MORE

It should come as no surprise to anyone who has worked with the Delaware Secretary of State on a regular basis that some of the Business Entity and UCC Fees and Services are going to change as of August 1st of this year. The DE SOS already offers one-hour and two-hour expedited services for corporate filings (along with the usual same-day and 24-hour expedites), and now they’re rolling out a 30-minute service for a small fee of $3,000.00.… >> READ MORE

First Corporate Solutions recently hosted a free webinar event, Delaware, Corporate Capital of the World. For those of you who were unable to attend, we recap some of the main points from that presentation here in this blog post. As most of you are aware, Delaware is an incredibly popular state for business formations . The state’s tax codes, chancery court, body of law and state legislature all promote a business friendly philosophy… >> READ MORE

The collateral description of a UCC  Financing Statement is important, it is where the secured party details what items the debtor has offered as collateral to secure the loan. To effectively mitigate a creditor’s risk for loss and fend off challenges from other creditors, a UCC filing must adequately describe the collateral. Figuring out how to describe the collateral on a UCC Financing Statement to best protect your interests can… >> READ MORE

A Secured Party must file their UCC1 Financing Statement quickly and correctly in order to perfect their security interest. Inaccurate, incomplete or untimely filings can prove costly for lenders as they open the door for secondary parties to claim a priority position. Here are a few common mistakes to watch for when filing UCC1 Financing Statements: Avoid “dba” notation for fictitious or assumed business names as debtor Failure… >> READ MORE