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
When Searching Legal Entities in California, Do You Need to Also Search the Officers, Members and Trustees?
Corporate, Revised Article 9 Something
This is a question that comes up in the due diligence process and is an important one to consider as you fulfill your lien and corporate search requirements when qualifying new candidates for loans and also as you monitor your perfected security interests going forward. When conducting a search on a legal entity, such as a Corporation, LLC or Trust, should a search be conducted on the officers, members and/or trustees?
The answer depends… >> READ MORE
Upcoming Changes to Revised UCC Article 9
UCC, Due Diligence, Revised Article 9 Something
As many 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. The proposed changes are designed to bring about increased consistency between filing offices and to offer answers to some questions that have been raised in the courts since RA9’s adoption back in 2001.
As we have discussed on this blog on several… >> READ MORE
Drawbacks of a Certified UCC Search – FCS Greatest Hits #6
UCC, Online UCC System, Due Diligence, Revised Article 9 Something
The final installment in our Greatest Hits blog series covers state certified UCC searches, aka UCC11s. There are times when you might want to request a certified search, they do serve a purpose. But, because of their oftentimes narrow search logics which can inhibit a searchers ability to uncover name variations, thorough due diligence typically requires utilizing a broad-based search solution that is designed to uncover and include… >> READ MORE
Three Phases of Due Diligence Series – Phase One: Pre-Funding
UCC, Corporate, Due Diligence, Revised Article 9 Something
In the pre-funding phase, lenders perform public records searches to uncover any existing liens or outstanding financial obligations that bind their prospect. Searching helps lenders determine if they could obtain a priority position to collect if they decide to fund the deal. Companies who require additional intelligence and insight in corporate due diligence may wish to hire investigators to assist with the process.
Focusing on the… >> 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
Need Some Help in Figuring Out Where to Conduct UCC and Lien Searches?
UCC, Revised Article 9, Tips Something
When searching for liens as part of a prefunding search package, it is important to know where liens could be filed. The last thing any lender wants is a surprise lien! In order to be certain you’re getting the results you think you are; searches must be performed for the right records at the appropriate filing office.
Here are some tips to help determine where to search:
1. Revised Article 9 sets forth that UCC Financing… >> 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
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
