Must the IRS file a notice of federal tax lien against the exact legal name of the borrower?
UCC, Lien Monitoring Something
Do you have questions about how your perfected security interest will be affected by a federal tax lien? Are you at risk to losing priority in regard to after-acquired collateral in the event a federal tax lien is filed against your debtor? 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 regarding federal tax liens. You… >> READ MORE
Tips To Maintain Your Perfected Security Interest
Reduce Financial Risk, Tips, Lien Monitoring Something
Considering all the effort and resources you put into qualifying your debtors and perfecting your security interests, it's good to know there are some excellent tools you can utilize to help maintain that priority and make your efforts pay off.
Why go to all the trouble to investigate a potential new debtor’s credit worthiness, and decide to perfect your security interest by filing a Financing Statement in the correct jurisdiction, if… >> READ MORE
International Factoring Association Conference Recap 2017
Lien Monitoring, Events & Tradeshows Something
The International Factoring Association’s annual conference was held last week at The Omni Hotel in Ft. Worth, Texas, and First Corporate Solutions was proud to attend once again with friends, partners, familiar faces and new acquaintances.
The IFA conference continues to be a leader in providing educational and networking opportunities to the factoring community and this year’s event delivered again. Although the weather… >> READ MORE
Judgment Lien Attached To Personal Property Can Prime A Perfected Security Interest
UCC, Due Diligence, Lien Monitoring Something
Of course you’re aware that a federal tax lien can prime your perfected security interest 45 days after filing, knocking your UCC from first priority position if you do not act to protect your perfected position. It’s Factoring/ABL 101.
But what about a judgment lien attached to personal property? What impact can it have on your perfected security interest?
Turns out it can prime your first position UCC just like a federal tax… >> READ MORE
State-Level Only Lien Monitoring Programs Only Tell Part of the Story
UCC, Due Diligence, Reduce Financial Risk, Lien Monitoring Something
Once a creditor has filed a UCC Financing Statement and perfected their security interest, maintaining that priority position throughout the life of the loan becomes paramount. Many choose to employ lien monitoring programs which run interval searches on debtor names to check for any new filing activity, and then provide timely updates that alert creditors to potential threats that may jeopardize their ability to collect.
Monitoring provides… >> READ MORE
Lien Monitoring Only at the State? It’s Risky
UCC, Due Diligence, Reduce Financial Risk, Lien Monitoring Something
When evaluating lien monitoring programs, programs that are designed to monitor your Financing Statements for lien filings that can prime your perfected security interest, it is important to recognize that many states do not maintain records of Federal Tax Liens or Judgment Liens Attached to Real Property at the state-level filing office. Nevertheless, these liens have the potential to prime a perfected security interest.
That’s why,… >> READ MORE
Free eBook: Lien-Related Post Filing Due Diligence
UCC, Due Diligence, Lien Monitoring Something
As a secured party, you need to know immediately if your debtor is experiencing financial distress that could result in bankruptcy or debtor default. In this FREE eBook, we focus on lien-related post filing due diligence and what you can do as a secured party to maintain your perfected security interest. In it, you will find post filing due diligence insights regarding the below topics.
Top 5 mistakes to avoid on UCC Financing Statements
… >> READ MORE
Tips For Improving Turn-Around Time for Lien Searches: Part Two
UCC, Lien Monitoring Something
Having a rapid turn-around time for your pre-funding lien searches is important. Borrowers are looking for quick funding solutions and slow turn-around time for lien searches can extend your funding cycle, frustrating prospective clients and tarnishing your reputation in the industry. Earlier this month, First Corporate Solutions began a four-part blog series devoted to providing our readers with tips for improving the turn-around time for… >> READ MORE
International Factoring Association Conference Recap 2018
Lien Monitoring, Events & Tradeshows Something
The International Factoring Association held its annual conference last week at The Fontainebleau Hotel in Miami, and First Corporate Solutions was proud to attend once again with friends, partners, familiar faces and new acquaintances.
The International Factoring Association conference continues to be the leader in providing educational and networking opportunities to the factoring community and this year’s event delivered again. Factors… >> READ MORE
Tax Lien Searching Blog Series Part Two: Ordering a Tax Lien Search
Due Diligence, Lien Monitoring Something
In last week's blog post we discussed the importance of searching tax lien records as part of your pre-funding due diligence search efforts. This week, we'll go over a few tips for ordering tax lien searches to achieve the best results.
There are three important things to keep in mind when searching for tax liens. The first is the scope of the search. Most tax liens are effective for a period of ten years and can be renewed. So you will… >> READ MORE