Risk Management Blog

When coordinating pre-funding due diligence searches , there can be a lot of ambiguity in determining what name to search for an individual debtor. Think of all of the variations there could be of a person’s name:  nicknames, people that go by their middle names rather than their first, former names due to a marriage or divorce, hyphenated or dual last names – all of these variations make it tough to be certain you are searching to… >> READ MORE

After filing their UCC Financing Statement , lenders seek to maintain their priority by managing post-closing events that can jeopardize their ability to collect. Here are three quick tips for maintaining priority after filing a UCC . 1. Perform a Search to Reflect A search to reflect is a search of the UCC records of the office where you filed a UCC after your document has posted to the index.  A search to reflect will confirm… >> READ MORE

The 2010 amendments to Revised Article 9 of the Uniform Commercial Code (RA9) are set to go into effect in only a few short months. Some FCS customers and regular readers of our blog have expressed apprehension about the impending changes and have requested additional information. In response, FCS has created a resource page as a one-stop shop to answer all of your RA9 amendment questions! Visit our RA 9 Resources page at http://info.ficoso.com/ra9_resources … >> READ MORE

A sole proprietorship is a simple business structure in which there is no distinction between owner and business. Since the business and its owner are one and the same, many UCC filers are unsure how to name a sole proprietorship as debtor on a UCC1 Financing Statement. In the eyes of the Uniform Commercial Code, a sole proprietorship is considered an individual, not an organization, even if operating under a trade name (dba). When preparing… >> READ MORE

When preparing a UCC3 Change Statement, it is critical to input the correct original filing number on the form to ensure the change is made in the UCC index. Many filing offices have strict rules about the formatting of file numbers, so be sure to list the filing number exactly as it is shown on the filed UCC1 including any spaces, hyphens, preceding letters, etc. One area of common confusion for filers involves UCC records where the… >> READ MORE

Previously on the blog we’ve discussed the three main state-level UCC search options that are available. You can read more on certified searches, state direct database searches and proprietary database searches in our Evaluating State UCC Search Options blog series. In this post, we offer three tips to help you choose a UCC search option that works best for you and your firm. Consider the Total Cost Some search options can result in… >> READ MORE

The Sacramento Bee ran an interesting piece last week which discusses California Governor Jerry Brown’s proposal to double the per page copy cost for court documents from $0.50 to $1.00. If approved, the same proposal would authorize California courts to charge a $10.00 fee for the clerk to retrieve a case file. The article raises some good questions about the availability and affordability of public records to the media and to the disadvantaged. Read… >> READ MORE

A search to reflect is a search of the UCC records of the office where you filed a UCC, after your document has posted to the index. These searches are sometimes referred to a  post filing verification search. Since you have to wait for the UCC index to "catch up" to your filing date, it can be tricky to know when to place your search request. Download this free reference guide from First Corporate Solutions to learn more about these… >> READ MORE

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