Secured Party Liability for Failure to File Timely Terminations
September 26, 2019
UCC, Online UCC System, Due Diligence Something
Can a secured party be liable for failure to file timely finance statement terminations?
According to Section 9-625 of the Uniform Commercial Code, yes. There can be secured party liability for failure to file timely terminations.
But first, let’s take a step back.
In Article 9-513, the section of the Uniform Commercial Code that regards Termination Statements, the below is found under subsection 9-513(b) to address how long a…READ MORE
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True Value of Customer Service
September 12, 2019
UCC, Corporate, Registered Agent, Online UCC System, Due Diligence Something
Want to talk to a live person…need to talk to a live person? How many are you required to speak with, and repeat your story, before you finally get want you want and need (hopefully)?
Perhaps you can login to a website and hunt answers to your questions, utilizing help desks and live chats, very useful depending on the issues’ complexities, or lack thereof.
But even for login credential relationships, the true value of Customer…READ MORE
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PMSI for Lenders and Legal Professionals
April 19, 2019
UCC Something
Attorney Bennett L. Cohen of Cohen, Salk & Huvard, P.C., authored our free eBook Purchase Money Security Interests: Purchase Money Rules in Equipment and Inventory. In it you will find answers to all of your PMSI related questions including:
How is a PMSI created?
What obligations qualify as a PMSI?
Does a PMSI in inventory prime a previously perfected interest in accounts?
How do I obtain a PMSI in equipment or inventory?
…READ MORE
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Free eBook: Lien-Related Post Filing Due Diligence
April 05, 2019
UCC, Due Diligence, Lien Monitoring Something
As a secured party, you need to know immediately if your debtor is experiencing financial distress that could result in bankruptcy or debtor default. In this FREE eBook, we focus on lien-related post filing due diligence and what you can do as a secured party to maintain your perfected security interest. In it, you will find post filing due diligence insights regarding the below topics.
Top 5 mistakes to avoid on UCC Financing Statements
…READ MORE
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Equipment Finance & Purchase Money Security Interest (PMSI)
March 14, 2019
UCC, Online UCC System, Due Diligence Something
Equipment finance or leasing is a lending type that specializes in lending on specific collateral. Equipment finance companies can vary greatly and tend to specialize on specific industries and often tend to be manufacturers (farm equipment, medical and dental equipment, freight, industrial equipment, etc.).
One product that is unique to this industry is purchase money security interest packages, or PMSI. A PMSI filing will allow…READ MORE
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Equipment Finance and PMSI
February 01, 2019
UCC, Online UCC System, Due Diligence Something
Equipment finance or leasing is a lending type that specializes in lending on specific collateral. These companies tend to specialize in financing industries like farm equipment, medical and dental equipment, freight, and other industrial equipment.
One product that is unique to this industry is purchase money security interest packages, or PMSI. A PMSI filing will allow a lender to take a priority position on a specific piece of…READ MORE
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New Years Resolutions? Improve UCC Due Diligence
December 13, 2018
UCC, Due Diligence, Tips Something
2019 is approaching and New Years resolutions are on everyone's mind. Streamlining and improving your UCC due diligence strategies should be on your list! Have you considered adapting new strategies to improve your UCC Due Diligence?
Evaluating your UCC management can be a complicated process; as a UCC service partner we support our clients responsibility to reduce risks, improve workflow efficiency and cut costs while maintaining…READ MORE
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Secured Creditors and Unsecured Creditors: What’s the Difference?
June 14, 2018
UCC, Online UCC System, Due Diligence, Reduce Financial Risk Something
There are secured creditors and unsecured creditors. But what is the difference between secured creditors and unsecured creditors?
Secured Creditors are creditors that hold a lien on its debtor’s property, whether that property is real property or personal property. The lien gives the secured creditor an interest in its debtor’s property that provides for the property to be sold to satisfy the debt in cases of default. The secured…READ MORE
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UCC Secured Party Representative Service – Explained
May 24, 2018
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
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Lien Monitoring Only at the State? It’s Risky
April 19, 2018
UCC, Due Diligence, Reduce Financial Risk, Lien Monitoring Something
When evaluating lien monitoring programs, programs that are designed to monitor your Financing Statements for lien filings that can prime your perfected security interest, it is important to recognize that many states do not maintain records of Federal Tax Liens or Judgment Liens Attached to Real Property at the state-level filing office. Nevertheless, these liens have the potential to prime a perfected security interest.
That’s why,…READ MORE
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