Tips for Effective UCC and Lien Searching
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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
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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
Control Agreements Effect on Priority Position
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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?”
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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
What’s the difference between a “lapsed” and “purged” UCC filing?
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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
Why Search for Tax Liens and Judgment Liens?
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The short answer is that searching Tax Liens and Judgment Liens while conducting your due diligence might save you money and hassle, but let’s back up and explain the reasoning.
The first thing to understand is that both Tax Liens and Judgment Liens have priority relative to other types of liens, such as a UCC, based on the date of its filing, and this affects your ability to collect. For example, if your debtor has an outstanding Tax… >> READ MORE
Have You Secured Your Position?
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Our guest contributor, Natalie Follmer of RMP Capital Corp, shares with us this week how to perfect a security interest and secure your position as a secured lender / factor.
In the funding world, UCC financing statements are essential in doing business. They are a vital piece to the puzzle and can cause major problems if filed incorrectly. When it comes to perfecting a financing statement, there are many items to consider and it’s… >> READ MORE
