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
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
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
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
