UCC Secured Party Representative Service – Explained
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
Does the control agreement govern if it conflicts with any of the customer agreements between Pledgor and Broker?
UCC, Due Diligence, Revised Article 9 Something
Attorney Bennett Cohen returns this week to continue his examination on control agreements for pledged securities accounts. This is part six in our eight part series on the topic of control agreements. To start from the beginning, please see the first post, Examining Issues with Control Agreements for Pledged Securities Accounts.
Does the control agreement govern if it conflicts with any of the customer agreements between Pledgor… >> READ MORE
Does the control agreement go too far in limiting the potential liability of the Broker?
UCC, Due Diligence, Revised Article 9 Something
We're back this week with more in our series from attorney Bennett Cohen on control agreements for pledged securities accounts. This is the fourth post in our series, so if you need a refresher please visit his introductory post, Examining Issues with Control Agreements for Pledged Securities Accounts.
We've reviewed quite a number of control agreements which provide that the Broker shall have no liability to the Lender except for… >> READ MORE
Does a lender need to take possession of the original leases to perfect its security interest in the equipment leases?
UCC, Revised Article 9, Reduce Financial Risk Something
Do you have UCC questions about equipment leases? Are you at risk to losing priority to other creditors? 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. You may also want to check out his eBook on Purchase Money Security Interests (PMSI).
Pledges of Equipment Leases: Does a lender need to take possession of the… >> READ MORE
Does a lender need to file a precautionary UCC filing against the lessee of the equipment to perfect the lender’s security interest in the leased equipment?
UCC, Revised Article 9, Reduce Financial Risk Something
Do you have UCC questions about equipment leases? Are you at risk to losing priority to other creditors? 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. You may also want to check out his eBook on Purchase Money Security Interests (PMSI).
Precautionary UCC Filings against Lessees of Equipment: Does a lender need… >> READ MORE
California Governor signs Assembly Bill 1858: Individual Debtor Name Safe Harbor
UCC, Legislation, Due Diligence, Revised Article 9 Something
For those managing personal property transactions in California, it is important to understand and be prepared for recent legislation that has been passed to provide a safe harbor for proper entry of individual debtor names when filing and searching for UCC Financing Statements.
Effective January 1, 2015, California will join the majority of states in adopting legislation which governs the proper name identification of individuals. This… >> READ MORE
Broad Based UCC and Lien Name Searching – FCS Greatest Hits #1
UCC, Online UCC System, Due Diligence, Revised Article 9, Tips Something
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
Benefits of a Proprietary UCC Database Search System – FCS Greatest Hits #4
UCC, Online UCC System, Due Diligence, Revised Article 9 Something
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
[NEW] California Enacts 2010 UCC Article 9 Amendments
Revised Article 9 Something
First Corporate Solutions is pleased to report that on October 4, 2013, California governor Jerry Brown signed CA Assembly Bill 502, making California the latest state to enact the 2010 Amendments to Article 9 of the Uniform Commercial Code. The new filing rules will go into effect on July 1, 2014.
View a full-text copy of the bill here.
In an interesting turn, California has adopted neither Alternative A nor Alternative B (read… >> READ MORE
Wondering What Parties to Search as Part of Your Prefunding Due Diligence?
Corporate, Due Diligence, Revised Article 9, Tips Something
Searching for the right party is imperative when coordinating due diligence search efforts. This may seem simple, but keep in mind that liens could be filed under business names, individual names, aliases or nicknames, even fictitious business names. So, how can you be sure you are searching for the right name?
Here are a few pointers to get you on the right track:
1. Check corporate charters to determine the exact legal name before… >> READ MORE
