Updated 2010 Revised Article 9 Amendments Resource Page
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 our blog have expressed apprehension about the impending changes and have requested additional information. In response, FCS has created a resource page as a one-stop shop to answer all of your RA9 amendment questions!
Visit our RA 9 Resources page at http://info.ficoso.com/ra9_resources … >> READ MORE
Free eBook Offer: Important Revisions to Article 9’s UCC Rules Regarding Individual Debtor Names
UCC, Revised Article 9 Something
Attorney Bennett Cohen writes:
“The 2010 Amendments to the Code for filing against individual debtors were supposed to bring clarity for secured parties (and in some respects there is more clarity). However, these new filing rules, in my opinion, may bring more complexity and uncertainty for secured parties going forward in terms of both filing and searching against individual debtors due to the risks described in this article and the… >> READ MORE
What’s the Difference Between an “Active UCC Filing” and an “Effective UCC Filing?”
UCC, Due Diligence, Revised Article 9 Something
The Uniform Commercial Code contains many terms and phrases that are esoteric to the commercial lending industry—they have a very specific meaning within the code. The definition can be crucial to your due diligence efforts, so it’s important to know the difference. One instance we’ve come across is the difference between an “active UCC filing” and an “effective UCC filing,” which can have an affect on your due diligence.… >> READ MORE
Why Would a Lender Establish a Security Interest for a Loan?
UCC, Revised Article 9 Something
If you're new to the Uniform Commercial Code (UCC), you'll need a few basic definitions before we answer that. We'll start you off with a few terms that are the building blocks of UCC search and filing procedures.
Secured Transaction: This is a loan in which the lender acquires a security interest in collateral that belongs to the debtor.
Security Interest: This is a lender's claim to collateral that a debtor has provided for a loan.… >> READ MORE
Model Administrative Rules (MARS) and Search Logic
UCC, Online UCC System, Revised Article 9 Something
Following up on our post from earlier this week, What are “Standard Search Logic” and the Model Administrative Rules?, here's a behind-the-scenes look at how we created an online UCC search system that follows MARS guidelines.
An FCS online search report is intended to satisfy the requirements under the UCC Revised Article 9 Model Administrative Rules (MARS), which provide state filing offices with a set of guidelines for producing… >> READ MORE
What are “Standard Search Logic” and the Model Administrative Rules?
UCC, Online UCC System, Revised Article 9 Something
The amount of liens filed in a given state’s filing office can number in the millions making accuracy, and the ability to uncover name variations, paramount when analyzing search results. Each individual Secretary of State filing office has a set of rules called “standard search logic” that determines what search results will show for a given search. Here’s the official definition:
Standard Search Logic: The search logic used… >> READ MORE
