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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

What’s the difference between a “lapsed” and “purged” UCC filing?

UCC, Due Diligence, Reduce Financial Risk Something

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

How Does UCC Secured Party Representative Service Work?

UCC, Online UCC System, Due Diligence, Revised Article 9, Reduce Financial Risk Something

UCC Secured Party Representative Service is a new service from FCS that provides protection for secured lenders by using a representative’s name (instead of their own) on the Secured Party box on UCC Financing Statements. We’ve had some questions about how it works so we’ve outlined the process in this blog post. But before we get to that, we wanted to point out part of the RA 9 Amendment that makes our UCC Secured Party Representative… >> READ MORE