Risk Management Blog

The recession’s impact on the lending community has prompted many UCC filers to take a good hard look at their budgets in search of meaningful ways to reduce spending and increase profitability. As a result, First Corporate Solutions has seen a rise in the question, “How can I reduce my UCC filing costs?” When you think about it, this is not an easy question to answer. UCC filers face the tough task of finding ways to cut costs… >> READ MORE

Today we dip into our past to revisit a key and popular topic here at the ficoso blog:  the importance of broad based UCC and lien searching. Give it a read and share your thoughts and experiences below. Broad Based UCC and Lien Name Searching: What is it? Why is it Important? Various options exist to fulfill UCC and lien search requirements. Certified searches come directly from the filing office, state direct database searches are… >> READ MORE

UCC searching and filing service providers go to great lengths to keep their customers’ data secure. Technology and in-house procedures provide safeguards to keep your data protected from outside sources. Since service providers, along with state and county filing offices, are the gatekeepers of public records containing transactional information, this is a good thing. The nature of the Uniform Commercial Code, however, exposes an important… >> READ MORE

Do risks to your perfected security interest end with Federal tax liens and pre-lien IRS related threats? The simple answer is No. Some would seem to have you believe the opposite is true, but it’s not. For example, last week we discussed how judgment liens can prime a previously perfected security interest. If you missed that post you can check it out here. But that’s not all. In some states, State tax liens can also potentially… >> READ MORE

This week on the blog we share some important news from state filing offices. Please note the following issues may impact your ability to file and retrieve UCC and Corporate documents. Kentucky Kentucky state offices will take the final mandatory furlough day for this fiscal year on Friday, May 27. All Kentucky state offices will be closed for business on this date. Online services will remain available during the office closures. South… >> READ MORE

Across the nation, state and county-level governments face overwhelming budget shortfalls, dramatically impacting their ability to deliver public services. We learned this week that things are particularly bad in the state of Minnesota. Due to a statewide budget crisis, the Minnesota Secretary of State’s office is facing a potential closure. The Minnesota State Legislature adjourned last month without appropriating money to fund state… >> READ MORE

Did you know that a UCC search might show UCCs filed beyond the search’s through date? It’s true! Read on to find out why. At the state filing offices, UCC filings are accepted for filing and entered into the public record. Once every filing from a certain date is posted into the index, the state will advance their through date. A through date is the state’s way of saying, “We can guarantee that everything that was submitted to… >> READ MORE

One of the more common special requests we get from customers is to omit terminated filings from their UCC search results. When customers request that we leave terminated filings off our search reports, it usually stems from a misconception that once a termination statement is filed the financing statement no longer matters in terms of determining priority of claims. Not so fast! There are two very important reasons to include terminated… >> READ MORE

Due diligence service providers often field phone calls from frantic customers who are in desperate need of a certificate of status, copy of a corporate charter or other corporate documents. Sadly, as much as we’d love to be able to provide these documents to our customers on a same day basis, it is usually not in our power to do so. Here’s why. State filing offices typically provide two categories of service for corporate documents:… >> READ MORE

This week we begin a brand new blog series where we will debunk five of the most common misconceptions relating to UCC and corporate due diligence. Over the next few weeks, we will clear up common areas of confusion on corporate filings, lien searching and more! Our customer service account managers regularly receive phone calls from prospective customers who would like to retrieve a copy of a corporation’s bylaws (or operating agreement… >> READ MORE