Risk Management Blog

Effective July 1, 2015, the state of New Jersey will no longer allow for UCC paper filings and electronic filings will be required. In addition to this change, it is important to note that establishing priority will be an issue as UCC filings will no longer be stamped with the time at which the filing was accepted. Further changes to the UCC process in the state of New Jersey regarding collateral and secured party naming to perfect a… >> READ MORE

Beginning July 1, 2014, California state law requires use of the revised forms below to be accepted for filing. The following revised UCC filing forms are available on the Secretary of State's Forms and Fees webpage found here: http://www.sos.ca.gov/business/ucc/forms.htm. Here is a list of the revised forms: UCC Financing Statement (Form UCC1) UCC Financing Statement Addendum (Form UCC1Ad) UCC Financing Statement Amendment… >> READ MORE

UCC searching and filing service providers go to great lengths to keep their customers’ data secure. Technology and in-house procedures provide safeguards to keep your data protected from outside sources. Since service providers, along with state and county filing offices, are the gatekeepers of public records containing transactional information, this is good thing. The nature of the Uniform Commercial Code, however, exposes an important… >> READ MORE

A recent court ruling in Wisconsin once again has affirmed the supreme importance secured parties must place on their data entry procedures when naming debtors on financing statements to perfect their security interests. A recap of the case can be found here. Once again, a typo in the debtor name created a UCC filing that was judged to be seriously misleading, and therefore left the secured party’s security interest with the debtor… >> READ MORE

UCC Secured Party Representative Service provides protection for secured lenders by using a representative’s name (instead of their own) in the Secured Party box on UCC Financing Statements. Under Revised Article 9, UCC Section 9-502(a)(2), a financing statement must provide the name of the secured party or representative of the secured party. The Secured Party Representative Service key aspect is that the code allows “a representative”… >> 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

In last week’s blog we discussed items to consider when evaluating proprietary online UCC search systems. You can read that post here. This week we look deeper at one aspect to consider in your evaluation process:  what is broad-based search logic and why is it important that your UCC and lien search solutions provide it? First, you need an understanding of the Model Administrative Rules (MARS) and the baseline they create. You can… >> READ MORE

We have published a lot of material on the topic of UCC searching over the years. Effective UCC searching can save you time and money, so this topic has been popular among our readers. Today, we are starting a six part blog series on the nature of broad based searching and search logic as it relates to UCC searching. Enjoy our first post, and please remember that these blog posts are for educational purposes only; always consult your legal… >> READ MORE

The FCS Greatest Hits blog series continues today with more details on the features and benefits of searching with a proprietary UCC search system. And if you're looking to see an online UCC search system in action, don't hesitate to contact us for a free demonstration. Benefits of a Proprietary UCC Database Search System Let's take a look at the benefits of using a proprietary database to perform state UCC searches. What is a… >> READ MORE

First Corporate Solutions is pleased to announce the release of New Hampshire data and image library to our online UCC search system. As of Monday, May 5, 2014, active online users can log on to www.ficoso.com and search our reliable state-direct UCC and tax lien data complemented by an expansive library of clear, downloadable document images. This adds a total of 199,195 filings to our online system. The FCS online system adds value… >> READ MORE