The 2013 UCC Revised Article 9 Amendments Are Almost Here – Have no Fear! Part Two: Correction Statements to Become Information Statements
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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
Minor Formatting Changes May Occur on Electronically Filed UCC Documents
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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
Top 5 Filing Mistakes on UCC1 Financing Statements
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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
The 2013 UCC Revised Article 9 Amendments Are Almost Here – Have no Fear! Part One: Maintaining Perfection Following Debtor Relocation
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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
Secured Party is Responsible for Accuracy and Completeness of a UCC Financing Statement
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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
Risk Management and Due Diligence Tips For Asset-Based Lenders
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In concert with Commercial Finance Associations’ annual conference, below are links pertinent to CFA members about lien and documentation due diligence from previous blog posts. First Corporate Solutions is proud to once again support the CFA and we invite you all to explore the links below and then drop by our exhibit booth later this week. Let us know any questions and see you in Austin!
Are you considering ways to streamline and… >> READ MORE
Update: Minnesota Secretary of State To Remain Open
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… >> READ MORE
Navigating Risk in an Economic Downturn: A Guide to UCC Due Diligence
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In times of economic volatility and uncertainty, lenders face increased challenges in managing risk. In times like these, due diligence becomes a critical aspect of lending practices, particularly when it comes to the Uniform Commercial Code (UCC). By thoroughly understanding and implementing the principles of the UCC, lenders can effectively navigate through an economic downturn while minimizing their risk exposure.
Key Challenges During… >> READ MORE
Understanding the Limitations of State Direct UCC Online Searches & New Alternative Solution
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Before using any online UCC or lien search system, be sure to evaluate it carefully to understand its limitations
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… >> READ MORE
Maximize UCC and Lien Search Results to Minimize Risk
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When conducting UCC and lien searches as part of a prefunding due diligence investigation it is a good idea to maximize your results in order to minimize your risk. This strategy helps uncover hidden liens and those filed under critical name variations. To accomplish this, you will want to cast a wide net to bring in as many potential hits as possible and then whittle them down to only those that are pertinent to your transaction.
Online… >> READ MORE
