Risk Management Blog

Many small businesses have an internal department that handles all of their public records search and filing needs. As businesses grow and due diligence requirements get more complex, most decide to enlist the help of a private service company to carry out their public records checks and requests. Deciding which company to entrust with your business can be a tough choice. Between nationwide and local vendors, there are hundreds (if not… >> READ MORE

The collateral description is a critical piece of a UCC Financing Statement. This section is where a secured party details what items the debtor has offered as collateral to secure the loan. In many cases, secured parties elect to put their collateral description on an attachment rather than within the confines of Box 4 on the UCC Financing Statement form. Attachment pages are particularly common when the transaction requires a lengthy equipment… >> READ MORE

A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived. If the underlying security agreement endures, a secured party should work with their legal or risk management department to determine… >> READ MORE

As the U.S struggles toward economic recovery, most local governments are really feeling the pinch. State and county-level governments face overwhelming budget shortfalls, dramatically impacting their ability to deliver timely public services. These budget woes often translate into slowed turn around times for public record information requests and document filings. In this blog post, we will discuss three strategies for getting your hands… >> READ MORE

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, 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