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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Secured Party Liability for Failure to File Timely Terminations

September 26, 2019 UCC, Online UCC System, Due Diligence Something

Can a secured party be liable for failure to file timely finance statement terminations? According to Section 9-625 of the Uniform Commercial Code, yes. There can be secured party liability for failure to file timely terminations. But first, let’s take a step back. In Article 9-513, the section of the Uniform Commercial Code that regards Termination Statements, the below is found under subsection 9-513(b) to address how long a…READ MORE

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True Value of Customer Service

September 12, 2019 UCC, Corporate, Registered Agent, Online UCC System, Due Diligence Something

Want to talk to a live person…need to talk to a live person? How many are you required to speak with, and repeat your story, before you finally get want you want and need (hopefully)? Perhaps you can login to a website and hunt answers to your questions, utilizing help desks and live chats, very useful depending on the issues’ complexities, or lack thereof. But even for login credential relationships, the true value of Customer…READ MORE

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Equipment Finance & Purchase Money Security Interest (PMSI)

March 14, 2019 UCC, Online UCC System, Due Diligence Something

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 on specific industries and often tend to be manufacturers (farm equipment, medical and dental equipment, freight, industrial equipment, etc.). One product that is unique to this industry is purchase money security interest packages, or PMSI.  A PMSI filing will allow…READ MORE

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Equipment Finance and PMSI

February 01, 2019 UCC, Online UCC System, Due Diligence Something

Equipment finance or leasing is a lending type that specializes in lending on specific collateral.  These companies tend to specialize in financing industries like farm equipment, medical and dental equipment, freight, and other industrial equipment. One product that is unique to this industry is purchase money security interest packages, or PMSI.  A PMSI filing will allow a lender to take a priority position on a specific piece of…READ MORE

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Secured Creditors and Unsecured Creditors: What’s the Difference?

June 14, 2018 UCC, Online UCC System, Due Diligence, Reduce Financial Risk Something

There are secured creditors and unsecured creditors. But what is the difference between secured creditors and unsecured creditors? Secured Creditors are creditors that hold a lien on its debtor’s property, whether that property is real property or personal property. The lien gives the secured creditor an interest in its debtor’s property that provides for the property to be sold to satisfy the debt in cases of default. The secured…READ MORE

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UCC Secured Party Representative Service – Explained

May 24, 2018 UCC, Online UCC System, Revised Article 9 Something

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

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Equipment Finance and PMSI: A Unique Relationship

April 05, 2018 UCC, Online UCC System, Due Diligence Something

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

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Can A Terminated UCC Not Really Be Terminated?

March 29, 2018 UCC, Online UCC System, Due Diligence, Reduce Financial Risk Something

Can a terminated UCC not really be terminated? The Uniform Commercial Code says terminated UCC filings are no longer effective. So how can a terminated UCC not really be terminated? There are two scenarios. When the UCC record contains more than one secured party of record. When there is more than one secured party for a single UCC, any of the secured parties can file a termination statement on behalf of all the secured parties.…READ MORE

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Choose The Right API For UCC

March 22, 2018 UCC, Online UCC System, Product Update, Due Diligence, Reduce Financial Risk Something

Your growing UCC portfolio is a sign of your success. To support it, perhaps it’s time to consider upgrading your UCC Portfolio Manager by installing an API for UCC, an enhancement that consolidates your UCC management into one single system. Designed specifically to streamline and simplify your UCC processes and scale with your success, API for UCC gives you the power to manage your growing UCC portfolio efficiently while freeing you…READ MORE

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FCS Releases Michigan and Tennessee Data to Online UCC & Lien State Search System

March 08, 2018 UCC, Services / System Update, Online UCC System, Product Update Something

First Corporate Solutions (FCS) is excited to announce the release of Michigan and Tennessee data to our online UCC search system. Effective immediately, active online users can search our reliable and current indices for Michigan and Tennessee data utilizing FCS’ state-of-the-art search engine designed to uncover name variations and potential hidden liens. Complementing this is our expert and experienced staff of dedicated account…READ MORE

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