Risk Management Blog

As many of you are probably aware, state filing offices are in the process of reviewing and approving a set of proposed amendments to Revised Article 9 (RA9) of the Uniform Commercial Code. The proposed changes are designed to bring about increased consistency between filing offices and to offer answers to some questions that have been raised in the courts since RA9’s adoption back in 2001. As we have discussed on this blog on several… >> READ MORE

As the 2011 nears its end, First Corporate Solutions recognizes that many of you are evaluating your expenses and looking for ways to reduce due diligence costs in the upcoming year. To lend a hand, we offer the following suggestions for decreasing your costs for lien searches - without jeopardizing priority or increasing your risk. Don’t Over-Search One of the simplest ways to keep lien searching costs down is to be careful not to… >> READ MORE

As 2011 draws to a close, First Corporate Solutions is taking to our blog to offer suggestions for how our readers can decrease their spending for due diligence related tasks in the upcoming year. Last week, we discussed strategies for reducing the costs for lien searches while this week we tackle UCC filings. Herein, we share a couple of simple changes you can make to reduce your UCC filing costs. File Electronically One of the most… >> READ MORE

The final installment in our Greatest Hits blog series covers state certified UCC searches, aka UCC11s. There are times when you might want to request a certified search, they do serve a purpose. But, because of their oftentimes narrow search logics which can inhibit a searchers ability to uncover name variations, thorough due diligence typically requires utilizing a broad-based search solution that is designed to uncover and include… >> READ MORE

Figuring out how to describe the collateral on a UCC Financing Statement to best protect your interests can be confusing. In fact, one of the most common questions FCS hears from customers and prospects is "What collateral language should I use on my UCC filing to make sure we’re protected?" Bradley B. Clark answers that question and more in this webinar presentation. >> READ MORE

Equipment finance or leasing is a lending type that specializes in lending on specific collateral. Equipment finance companies can vary greatly and tend to specialize in specific industries and often tend to be manufacturers (farm equipment, medical and dental equipment, freight, industrial equipment, etc.). With this being said, there are options such as buying used equipment instead of having to take them out on finance. Especially if… >> READ MORE

Today we dip into our past to revisit a key and popular topic here at the ficoso blog:  the importance of broad based UCC and lien searching. Give it a read and share your thoughts and experiences below. Broad Based UCC and Lien Name Searching: What is it? Why is it Important? Various options exist to fulfill UCC and lien search requirements. Certified searches come directly from the filing office, state direct database searches are… >> READ MORE

When transferring a business with a liquor license there are a few considerations you need to be aware of in regards to lien searching. The California Alcoholic Beverage Control (ABC) can deny a liquor license transfer to a new applicant if all conditions are not met. This reality is why due diligence for liquor license transfers is so important when searching for liens against debtors, especially Mechanics Liens, even though Mechanics Liens… >> READ MORE

Across the nation, state and county-level governments face overwhelming budget shortfalls, dramatically impacting their ability to deliver public services. We learned this week that things are particularly bad in the state of Minnesota. Due to a statewide budget crisis, the Minnesota Secretary of State’s office is facing a potential closure. The Minnesota State Legislature adjourned last month without appropriating money to fund state… >> READ MORE

Due diligence service providers often field phone calls from frantic customers who are in desperate need of a certificate of status, copy of a corporate charter or other corporate documents. Sadly, as much as we’d love to be able to provide these documents to our customers on a same day basis, it is usually not in our power to do so. Here’s why. State filing offices typically provide two categories of service for corporate documents:… >> READ MORE