Delaware SOS Business Entity and UCC Fees Increase
UCC, Corporate Something
It should come as no surprise to anyone who has worked with the Delaware Secretary of State on a regular basis that some of the Business Entity and UCC Fees and Services are going to change as of August 1st of this year.
The DE SOS already offers one-hour and two-hour expedited services for corporate filings (along with the usual same-day and 24-hour expedites), and now they’re rolling out a 30-minute service for a small fee of $3,000.00.… >> READ MORE
Delaware, Corporate Capital of the World! Practical Tips for Incorporating in Delaware
UCC, Corporate Something
First Corporate Solutions recently hosted a free webinar event, Delaware, Corporate Capital of the World. For those of you who were unable to attend, we recap some of the main points from that presentation here in this blog post.
As most of you are aware, Delaware is an incredibly popular state for business formations . The state’s tax codes, chancery court, body of law and state legislature all promote a business friendly philosophy… >> READ MORE
Confused About What Collateral Language to Use on Your UCC Financing Statement?
The collateral description of a UCC Financing Statement is important, it is where the secured party details what items the debtor has offered as collateral to secure the loan. To effectively mitigate a creditor’s risk for loss and fend off challenges from other creditors, a UCC filing must adequately describe the collateral.
Figuring out how to describe the collateral on a UCC Financing Statement to best protect your interests can… >> READ MORE
Common Mistakes on Filing UCC1 Financing Statements
UCC, Tips Something
A Secured Party must file their UCC1 Financing Statement quickly and correctly in order to perfect their security interest. Inaccurate, incomplete or untimely filings can prove costly for lenders as they open the door for secondary parties to claim a priority position.
Here are a few common mistakes to watch for when filing UCC1 Financing Statements:
Avoid “dba” notation for fictitious or assumed business names as debtor
Failure… >> READ MORE
Common Mistakes on Filing UCC3 Change Statements
UCC, Tips Something
In a previous blog post, we discussed common errors on UCC1 Financing Statements. Here, we will focus on preventing common errors on UCC3 Change Statement filings. In order to fend of challenges to their priority position, UCC filers must keep their filing information accurate and up-to-date. This is accomplished by filing the appropriate UCC3 Statement.
There are five types of UCC3 Filings:
Continuations extend the term for a Financing… >> READ MORE
Collateralized Loan Risk Mitigation – API for UCC
The pandemic has caused much uncertainty in the lending ecosystem and will continue to do so since most industry experts expect an uptick in loan defaults. Today, more than ever, lenders are focused on minimizing their risks when entering a financial transaction.
Two key components in the lenders’ due diligence process when entering a transaction are conducting consensual and non-consensual lien searches, and filing a UCC-1 against… >> READ MORE
Civil Judgments vs. Judgment Liens: What’s the Difference?
UCC, Litigation Research Something
If you’re like me when I was first introduced to this industry, you might be a little confused about the difference between judgments and judgment liens. They are two separate animals, and it’s important to know the difference if you’re trying to determine which to search for when doing your due diligence.
The easy definition is that a judgment is an official decision rendered by the court with regard to a civil matter. A judgment… >> READ MORE
Choosing An Online UCC Search System – Importance Of Broad-Based Search Logic
UCC, Online UCC System Something
In last week’s blog we discussed items to consider when evaluating proprietary online UCC search systems. You can read that post here. This week we look deeper at one aspect to consider in your evaluation process: what is broad-based search logic and why is it important that your UCC and lien search solutions provide it?
First, you need an understanding of the Model Administrative Rules (MARS) and the baseline they create. You can… >> READ MORE
Changes To PPSA Perfection Rules In Ontario, Canada
An important perfection rule to Canada’s Personal Property Security Act (Ontario) changed on December 31, 2015. The change aligns Ontario with the US Uniform Commercial Code’s Article 9 with regards to Specified Collateral. Previously in Ontario secured parties were directed to perfect their security interests in Specified Collateral following the law of the jurisdiction regarding a debtor’s “location”—its “place of business”,… >> READ MORE
Can a Lender Perfect a Security Interest in a Deposit Account at Another Banking Institution?
We continue our guest blog series on commercial lending this week with attorney Bennett Cohen of the law firm Cohen, Salk & Huvard, P.C. You may also want to check out his eBook: Important Revisions To Article 9′s Rules Regarding Individual Debtors.
Deposit Account As Collateral: If a lender has a security interest in equipment or inventory and such collateral is sold and the proceeds deposited in a bank that is not the lender,… >> READ MORE