Risk Management Blog

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

The Sacramento Bee ran an interesting piece last week which discusses California Governor Jerry Brown’s proposal to double the per page copy cost for court documents from $0.50 to $1.00. If approved, the same proposal would authorize California courts to charge a $10.00 fee for the clerk to retrieve a case file. The article raises some good questions about the availability and affordability of public records to the media and to the disadvantaged. Read… >> READ MORE

Exclusive to our blog readers, we are giving you a sneak preview of our new online due diligence system. First Corporate Solutions’ new online system for UCC filing & portfolio management, lien searching and account monitoring has the tools you need to perfect and maintain your security interests with ease. Our system simplifies your daily processes by providing secure online access that allows you to perform searches, prepare and… >> READ MORE

As we have discussed here on the FCS blog in several posts, one of the main things to consider when deciding whether to use a proprietary online search system is the source of the data. In short, there are two sources from which a private service company can purchase UCC and Lien data for their online search system. The first is directly from the state, which is the most accurate and up-to-date information; the second is from a third… >> READ MORE

Box 9 of the UCC3 Amendment form asks the UCC  filer to input the name of the party that is authorizing the amendment. In some instances, a UCC amendment will be authorized by the debtor, but in most cases the secured party of record will be the authorizing party. Many UCC records include more than one secured party though, and this can cause confusion about how to complete the amendment form. Unfortunately, the official instructions… >> READ MORE

The last few years have seen a dramatic rise in the number of states that allow electronic filing (eFiling) of UCC documents. In fact, nearly every state now accepts UCC filings that are transmitted electronically in some way. In most cases, eFiling represents an improvement over traditional paper filing since eFiled documents are generally acknowledged quicker than paper filings and often incur a lower filing fee. However, there are a few… >> READ MORE

It's time to refresh your UCC knowledge! Join us this week for a practical overview of common UCC filing mistakes. An Insider's Guide to Avoid UCC Filing Mistakes Duration: 30 Minutes What Will You Learn? Join us for a practical overview of common mistakes that occur on UCC filings and tips for how to avoid them. Designed for beginning-level UCC filers, this 30 minute presentation discusses errors that result in rejection as well… >> READ MORE

It's time to refresh your lien knowledge. Join us this week to learn more about lien priority. The Basics of Lien Priority Duration: 60 Minutes Webinar Description Mastery of lien priority is critical in today’s high stakes, fast-paced world of commercial transactions. Whether you’re new to the industry or an industry veteran, you won’t want to miss this presentation by Texas attorney Bradley B. Clark on lien priority. Questions? Contact… >> READ MORE

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