The 2013 UCC Revised Article 9 Amendments Are Almost Here – Have no Fear! Part Two: Correction Statements to Become Information Statements
UCC, Revised Article 9 Something
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 the blog have mentioned that they’re a little nervous and have requested additional information. Happy to help, FCS has started a blog series to break down the major points of the amendments and try to eliminate some of the anxiety UCC filers may be feeling about the… >> READ MORE
Search Tip: Alert Your Searcher if You Expect Hits on Your Public Records Search
UCC, Due Diligence Something
Lenders gather information from a variety of sources to create a comprehensive profile of an applicant’s existing financial obligations and gauge their ability to repay debts. By the time the lender is ready to initiate public records searches on a prospect, they often already have an idea of what they expect to find based on applicant disclosures and credit report information etc. However, it is uncommon for a lender to provide this information… >> READ MORE
Minor Formatting Changes May Occur on Electronically Filed UCC Documents
UCC Something
Over the last couple of years, we have seen a dramatic rise in the number of states that allow electronic filing (E-Filing) of UCC documents. Today, nearly every state accepts UCC filings that are transmitted electronically in some way. For most UCC filers, E-Filing represents an improvement over traditional paper filing since the filing fee for an electronically filed UCC document is typically lower than for a paper filing, and E-Filed… >> READ MORE
UCC-3 for Factors: Understanding and Navigating Changes to UCC Filings
UCC Something
As the world of finance continues to evolve, the importance of keeping up with regulatory changes cannot be overstated. For those in the factoring industry, specifically, understanding and adhering to the Uniform Commercial Code (UCC) is crucial.
The UCC lifecycle begins with a properly filed UCC-1 Financing Statement. This filing serves as a public notice of the secured party’s interest in the debtor’s collateral and establishes… >> READ MORE
Top 5 Filing Mistakes on UCC1 Financing Statements
UCC 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.
1. Failing to file under the exact legal name
A UCC filing must properly identify the debtor to effectively perfect a security interest. To satisfy this requirement, it… >> READ MORE
Why Include Similar Names in Searches to Locate Tax Liens and Mis-Indexed Filings
UCC, Due Diligence, Revised Article 9 Something
According to Revised Article 9 of the Uniform Commercial Code, a UCC Financing Statement is only effective if it gets the debtor name right. A UCC filing that fails to properly identify the debtor by their exact legal name will not offer the secured party priority status to collect should the debtor default or file for bankruptcy. Searchers often mistakenly interpret this to mean they only need be concerned with filings that provide an exact… >> READ MORE
The 2013 UCC Revised Article 9 Amendments Are Almost Here – Have no Fear! Part One: Maintaining Perfection Following Debtor Relocation
UCC, Revised Article 9 Something
As most of you are probably aware, state filing offices are in the process of reviewing and approving a set of proposed amendments to Revised Article 9 (RA9) of the Uniform Commercial Code, collectively referred to as the 2010 Revised Article 9 Amendments, and going into effect July 1, 2013. Change can be scary. So this week FCS begins a blog series where we break down the major points of the proposed amendments and try to eliminate some… >> READ MORE
What is a Secured Transaction? Understanding Article 9 of the Uniform Commercial Code
UCC, Revised Article 9 Something
As promised, this week’s blog post will delve a little deeper into the Uniform Commercial Code (UCC) through a discussion of Article 9: Secured Transactions.
According to the Law Library, Secured Transactions are, “Business dealings that grant a creditor a right in property owned or held by a debtor to assure the payment of a debt or the performance of some obligation.”
In a little more detail, a Secured Transaction is financial… >> READ MORE
State-specific UCC rules: Examples of the (not so) Uniform Commercial Code
UCC Something
The Uniform Commercial Code (UCC) is a bit of a misnomer given that its interpretation and application varies widely from state to state. With this, our final “UCC Month” blog post, I want to draw attention to a few state-specific UCC rules.
Filing and Recordation Taxes (AL, FL, MD, TN)
Alabama, Florida, Maryland and Tennessee have special rules that may require the payment of taxes at the time of filing UCC documents. Any taxes… >> READ MORE
Secured Party is Responsible for Accuracy and Completeness of a UCC Financing Statement
UCC Something
Financing Statements are filed as a means to protect a creditor’s investment and give them a mechanism to collect should the debtor default. However, a filed UCC Financing Statement is not necessarily enough. To provide priority protection for the creditor, a UCC1 must be properly filed in accordance with the Uniform Commercial Code (The Code) and the specific rules of the jurisdiction’s filing office. Since only a properly filed UCC… >> READ MORE
