Risk Management Blog

Attorney Bennett Cohen writes: “The 2010 Amendments to the Code for filing against individual debtors were supposed to bring clarity for secured parties (and in some respects there is more clarity). However, these new filing rules, in my opinion, may bring more complexity and uncertainty for secured parties going forward in terms of both filing and searching against individual debtors due to the risks described in this article and the… >> READ MORE

In most states, filing articles of incorporation (or organization) is a pretty straightforward process - fill out a form, collect a signature, and send the document off to be filed. Nevertheless, corporate filings often get rejected and it is usually for simple errors. Download this free guide from First Corporate Solutions to learn three easy tips to help guard against rejection of your business formation filings. Click Here to Download… >> READ MORE

It is crucial 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 Delaware, it has become one of the highest volume UCC search states. Download this free reference guide from First Corporate Solutions to learn more about UCC searching in Delaware. Click Here to Download Now! How Can First Corporate Solutions Help? First… >> READ MORE

A civil litigation search is a critical piece of any thorough pre-funding due diligence investigation. Some lenders though are unsure about how exactly to order their search to achieve the best results. In addition to the search name, there are five basic pieces of information you will need to supply in order to secure a relevant and useful civil litigation search result. Download this free reference guide from First Corporate Solutions… >> READ MORE

Exclusive to our blog readers, we are giving you a sneak preview of our new online due diligence system. First Corporate Solutions’ new online system for UCC filing & portfolio management, lien searching and account monitoring has the tools you need to perfect and maintain your security interests with ease. Our system simplifies your daily processes by providing secure online access that allows you to perform searches, prepare and… >> READ MORE

To build a proprietary online search system, a service company must first purchase UCC and lien data. Many searchers are unaware that the source of a system’s online data can have a tremendous impact on their final results report. This article discusses some key differences between state direct and third party UCC and lien data. In many states, the state filing office makes their UCC and lien data available for purchase. In these states,… >> READ MORE

There are not many errors you can make that will cause a filing officer to reject a UCC1 Financing Statement.  For the filing officer to accept a UCC for filing, the document must meet a set of minimum requirements. If a UCC document meets the minimum requirements and the correct filing fee accompanies the document, the Uniform Commercial Code directs the filing officer to accept the document into the public record. While these requirements… >> READ MORE

As we have discussed here on the FCS blog in several posts, one of the main things to consider when deciding whether to use a proprietary online search system is the source of the data. In short, there are two sources from which a private service company can purchase UCC and Lien data for their online search system. The first is directly from the state, which is the most accurate and up-to-date information; the second is from a third… >> READ MORE

Box 9 of the UCC3 Amendment form asks the UCC  filer to input the name of the party that is authorizing the amendment. In some instances, a UCC amendment will be authorized by the debtor, but in most cases the secured party of record will be the authorizing party. Many UCC records include more than one secured party though, and this can cause confusion about how to complete the amendment form. Unfortunately, the official instructions… >> READ MORE

The last few years have seen a dramatic rise in the number of states that allow electronic filing (eFiling) of UCC documents. In fact, nearly every state now accepts UCC filings that are transmitted electronically in some way. In most cases, eFiling represents an improvement over traditional paper filing since eFiled documents are generally acknowledged quicker than paper filings and often incur a lower filing fee. However, there are a few… >> READ MORE