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
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
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
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
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
