Has the Broker subordinated its statutory first priority security interest in the Securities Account to the Lender’s security interest in the Securities Account?
UCC, Due Diligence, Revised Article 9 Something
We're continuing our examination of control agreements for pledged securities accounts with guest blogger Bennett Cohen of the law firm Cohen, Salk & Huvard, P.C. See the introductory post here and the follow-up post, Is there adequate “control” language in the control agreement?
Has the Broker subordinated its statutory first priority security interest in the Securities Account to the Lender's security interest in the Securities… >> READ MORE
Is there adequate “control” language in the control agreement?
UCC, Due Diligence, Revised Article 9 Something
We continue our examination of control agreements for pledged securities accounts with guest blogger Bennett Cohen of the law firm Cohen, Salk & Huvard, P.C. For more background on control agreements, see our introductory post here.
Is there adequate "control" language in the control agreement?
Some control agreements we reviewed failed to contain the necessary language required for the Lender to be deemed in "control" of the… >> READ MORE
[Important] Notice of Change – New UCC Filing Forms
UCC, Online UCC System, Due Diligence, Revised Article 9 Something
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
How to Protect Your Client List From UCC Secured Party Searches
UCC, Services / System Update, Online UCC System, Revised Article 9, Reduce Financial Risk Something
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
Examining Issues with Control Agreements for Pledged Securities Accounts
UCC, Due Diligence, Revised Article 9 Something
We are pleased to welcome back attorney Bennett Cohen of Illinois law firm Cohen, Salk and Huvard, P.C. as a guest blogger! Over the next few weeks, Mr. Cohen will share his expertise on the topic of control agreements for pledged securities accounts.
Examining Issues with Control Agreements for Pledged Securities Accounts - Introduction
Control agreements for pledged securities accounts come in all shapes and sizes, and it is… >> READ MORE
The 2013 UCC Revised Article 9 Amendments Are Almost Here – Have no Fear! Part Two: Correction Statements to Become Information Statements
UCC, Revised Article 9 Something
The 2010 amendments to Revised Article 9 of the Uniform Commercial Code (RA9) are set to go into effect in only a few short months. Some FCS customers and regular readers of the blog have mentioned that they’re a little nervous and have requested additional information. Happy to help, FCS has started a blog series to break down the major points of the amendments and try to eliminate some of the anxiety UCC filers may be feeling about the… >> READ MORE
Why Include Similar Names in Searches to Locate Tax Liens and Mis-Indexed Filings
UCC, Due Diligence, Revised Article 9 Something
According to Revised Article 9 of the Uniform Commercial Code, a UCC Financing Statement is only effective if it gets the debtor name right. A UCC filing that fails to properly identify the debtor by their exact legal name will not offer the secured party priority status to collect should the debtor default or file for bankruptcy. Searchers often mistakenly interpret this to mean they only need be concerned with filings that provide an exact… >> READ MORE
The 2013 UCC Revised Article 9 Amendments Are Almost Here – Have no Fear! Part One: Maintaining Perfection Following Debtor Relocation
UCC, Revised Article 9 Something
As most 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, collectively referred to as the 2010 Revised Article 9 Amendments, and going into effect July 1, 2013. Change can be scary. So this week FCS begins a blog series where we break down the major points of the proposed amendments and try to eliminate some… >> READ MORE
What is a Secured Transaction? Understanding Article 9 of the Uniform Commercial Code
UCC, Revised Article 9 Something
As promised, this week’s blog post will delve a little deeper into the Uniform Commercial Code (UCC) through a discussion of Article 9: Secured Transactions.
According to the Law Library, Secured Transactions are, “Business dealings that grant a creditor a right in property owned or held by a debtor to assure the payment of a debt or the performance of some obligation.”
In a little more detail, a Secured Transaction is financial… >> READ MORE
Single Extra Space Creates Seriously Misleading UCC Debtor Naming Error
UCC, Online UCC System, Due Diligence, Revised Article 9, Reduce Financial Risk, Tips Something
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
