Risk Management Blog

A growing number of state filing offices are offering UCC search databases at low to no cost via their websites. In an effort to keep due diligence costs low, many searchers are turning to state direct online databases to fulfill their UCC search requirements. It’s easy to understand the appeal of these state direct databases – free searches: sounds great, right? When examined closely however, many of these state sites have limited… >> READ MORE

For a Secured Party, filing timely continuations for existing UCC1 Financing Statements is a critical step in maintaining a priority position to collect on debts. A UCC1 Financing Statement is effective for a period of five years. If not continued before its lapse date, a Financing Statement will cease to be effective, thereby allowing subsequent filers to secure a priority position. Figuring out when to file a Continuation can be confusing,… >> READ MORE

So, you just discovered that your UCC Financing Statement has been fraudulently terminated by the debtor. You are likely wondering what comes next. Is there anything you can do to reassert your priority position and minimize your risk? Don’t panic, there are several ways you can address the situation. Here are a few options you may want to explore: Do nothing There are only a few instances where a debtor-authorized termination is… >> READ MORE

When searching for liens as part of a prefunding search package, it is important to know where liens could be filed. The last thing any lender wants is a surprise lien! In order to be certain you’re getting the results you think you are; searches must be performed for the right records at the appropriate filing office. Here are some tips to help determine where to search: 1. Revised Article 9 sets forth that UCC Financing… >> READ MORE

1. Why slow/no Colorado UCC images? The Colorado Secretary of State is struggling with redaction and access to retrieve UCC and Federal Tax Lien copies is sporadic. You deserve consistent access. 2. How can First Corporate Solutions help? First Corporate Solutions has a current Colorado UCC index. You can also get real time access to online Colorado UCC images via our online system. 3. What to do next? Call 877.230.8933 Call First… >> READ MORE

We are glad to announce that First Corporate Solutions has been selected as a preferred vendor of the International Factoring Association (IFA) to offer services with discounted rates to the factoring community. The International Factoring Association's members consist of banks and finance companies that perform financing or factoring through the purchase of invoices or other types of accounts receivable. With First Corporate Solutions'… >> READ MORE

[Limited Time Offer] All Georgia state searches our users run on FCS online UCC searching, filing and portfolio management system through the end of April (4/30/2015) are free of charge. For existing clients, simply log in on starting Monday, April 1, 2015 to experience the benefits in action and take advantage of this opportunity. Not an FCS online user? Claim your offer today by scheduling a demo and entering special code… >> READ MORE

This is a question we face all the time when discussing our search methodology with customers and other interested parties. What does casting a wide net even mean in this context? Essentially, it means performing a search so that broad based results are produced, not narrow ones. That might seem counter intuitive since secured parties are required to file their UCCs with the exact legal names of entities and individuals as debtors, but… >> READ MORE

That’s a good question, and revisions to Article 9 of the Uniform Commercial Code over the years has looked to clarify the answer. It comes down to determining the business entities’ State of Organization and the State of Residence for individuals. Revised Article 9 sets forth that UCC Financing Statements filed against business entities are to be filed in their state of organization. UCCs filed against individuals must be filed in… >> READ MORE

Depending on the specific state where you are conducting your lien search, tax lien records can often be maintained in separate indexes from UCCs. Sometimes these separate indexes can be found within the Secretary of States themselves, like in Illinois where the SOS maintains a separate index for UCCs and a separate index for Federal tax liens; searching only the UCC index will not reveal Federal tax liens of record. Other times these… >> READ MORE