Risk Management Blog

We are building resources for you!  This week we have added web-links to all the Secretary of State offices under our Resources page.  Much like our Business Entity Search webpage from last week, you do not have to conduct multiple searches, or websites to find what you need.  We have it all on one page. Please let us know what government agencies you search most so that we can prioritize adding them. You may also contact our Legal… >> READ MORE

With the holiday season upon us, end of year deadlines and commitments drive activity. So much still to do! One of the to dos we all have is to make our plans for the next year. We review systems and solutions and processes and procedures with an eye on fixing any breakdowns that have been experienced and determining if any changes need to be made. When it comes to evaluating your UCC management, you need a UCC service partner that supports… >> READ MORE

Reduce UCC filing errors and streamline UCC processes while you improve compliance and accuracy - all at the same time. Sound good? You can do it with API for UCC. API for UCC allows you to improve compliance and accuracy while at the same time easing workload. It frees up valuable time for you and your staff to focus energies on other key aspects of your operation, and gives you the power to efficiently manage your growing portfolio… >> READ MORE

In a word, no. The emergence of API for UCC with its increased efficiency and enhanced compliance capability has already occurred and the implementation is spreading. UCC data and portfolio management providers have moved quickly to develop API for UCC and it is now another technology driven differentiator added to their UCC due diligence packages. Much like how UCC portfolio managers and search engines vary in effectiveness and… >> READ MORE

In a word, yes, as long as there is no existing obligation to the lender and one follows a specific process. The process for debtors to terminate UCC filings on themselves is provided for in the Uniform Commercial Code and can be found here in Section 9-513 of the Uniform Commercial Code. That process includes the below steps: the Debtor must send an authenticated demand to the secured party the demand must be sent to the name… >> READ MORE

This week we introduce guest blogger and attorney Shelley Gould from the Law Offices of David B. Bloom. She delves into what an interpleader action is and how escrow officers can utilize this tool and why. Today’s post is the first of two parts; part 2 will be posted in next week’s blog. Please share your thoughts below. Interpleader clauses can be found in the general provisions of standard escrow instructions for the sale of a… >> READ MORE

Do you have UCC questions?  Attorney Bennett Cohen of Illinois law firm Cohen, Salk & Huvard, P.C., has the answers. You may also want to check out his eBook on Purchase Money Security Interests (PMSI). Question: Interplay between Inventory and Accounts—Can a prior UCC filing against a debtor’s inventory prime a lender’s subsequent UCC filing against the debtor’s accounts? Answer: Yes. Since accounts are “proceeds”… >> READ MORE

Do you have questions about how your perfected security interest will be affected by a federal tax lien? Are you at risk to losing priority in regard to after-acquired collateral in the event a federal tax lien is filed against your debtor? 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 regarding federal tax liens. You… >> READ MORE

First Corporate Solutions is pleased to present our eBook entitled Purchase Money Security Interests: Purchase Money Rules in Equipment and Inventory. Authored by Attorney Bennett L. Cohen of Cohen, Salk & Huvard, P.C., this eBook provides 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 previosuly perfected interest in accounts? How… >> READ MORE

A UCC3 is a change statement to a UCC1. It’s an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It’s a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests. Importantly, • the timing of UCC3 recording execution • the accuracy of the data changes or additions • and choosing the correct amendment… >> READ MORE