Risk Management Blog

One of the most common questions we get from customers and prospects is, “What collateral language should I use on my UCC filing to make sure we’re protected?” First Corporate Solutions customer service account managers encounter a lot of UCC Financing Statements and see a variety of different collateral statements included on UCC documents. In spite of this experience, the above is a question we really just can’t answer. The… >> READ MORE

In order to fend off challenges to their priority position, creditors must keep their UCC filing information accurate and up-to-date. Secured parties accomplish this by filing the appropriate amendment document (aka UCC3 or Change Statement). In this blog post, we answer some common questions on how to properly complete the UCC Financing Statement Amendment Form. Which file number do I list in Box 1a? In this section, the UCC filer inputs… >> READ MORE

A creditor must file their UCC1 Financing Statement quickly and correctly In order to perfect their security interest. Rejected UCC filings can prove costly for lenders as they open the door for secondary parties to claim a priority position. In this blog post, we offer a few tips to avoid rejection of your UCC documents. In truth, there are not many errors you can make that will cause a filing officer to reject a UCC document. For the… >> READ MORE

Over the years, First Corporate Solutions has published many blog posts relating to lien searching. Some of our most read posts on the topic of lien searching include, “What Party Names to Search as Part of Your Prefunding Due Diligence,” “Evaluating State UCC Search Options, a blog series,” “Why You Should be Searching For Tax Liens,” and “Three Quick Tips for Effective Lien Searching.” Now, we’ve combined these popular… >> READ MORE

Delaware UCC Search Options It is important to have a good working knowledge of a state’s search logic prior to ordering or performing UCC searches in that jurisdiction. With so many businesses organizing in the State of Delaware, it has also become a hotbed of UCC searching activity and in this blog post, we offer some information on performing UCC searches there. Delaware Certified Searches The Delaware Secretary of State provides… >> READ MORE

In previous blog posts, we have discussed the importance of searching for tax liens as part of a standard pre-funding due diligence investigation. To recap, there are two main reasons why it is critical to search for tax liens. First, tax liens are a factor in determining priority of claims and secondly, they are involuntary in nature, meaning that a debtor may not even be aware of a lien’s existence. As with any public record search,… >> READ MORE

As many of you are probably aware, state filing offices are in the process of reviewing and approving a set of proposed amendments to Revised Article 9 (RA9) of the Uniform Commercial Code. The proposed changes are designed to bring about increased consistency between filing offices and to offer answers to some questions that have been raised in the courts since RA9’s adoption back in 2001. As we have discussed on this blog on several… >> READ MORE

First Corporate Solutions sales representatives and service staff are asked a lot questions about UCC filings. This month, First Corporate Solutions decided to take to the blog to answer some of our most commonly asked questions regarding UCC filings. Each week this month we have been posting 2-3 questions posed by First Corporate Solutions customers and prospects. See here and here for our previous UCC Filing Questions posts. Here… >> READ MORE

Preparing and filing UCC documents can be confusing, especially for those who are just starting out. This month, First Corporate Solutions has decided to take to the blog to answer some of our most commonly asked questions regarding UCC filings. Each week this month, we will post 2-3 questions posed by First Corporate Solutions customers and prospects. QUESTION: If a UCC is filed with attachment pages, will the acknowledgement copy contain… >> READ MORE

As public records experts, First Corporate Solutions encounters a lot of questions about UCC filings. This month we have decided to take to the blog to answer some of our most commonly asked questions regarding UCC filings. Each week this month, we will post 2-3 questions posed by First Corporate Solutions customers and prospects. Check last week’s post for answers to three of the most commonly asked questions https://ficoso.com/ucc/answers-to-common-ucc-filing-questions-series-part-one/… >> READ MORE