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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Latest Court Decision Highlights the Value of UCC Lien Monitoring Service

UCC

Capitol PlaceThe US Court of Appeals for the Second Circuit issued a decision last week that may affect how secured parties authorize third parties to terminate financing statements after a mistakenly authorized UCC termination statement cost the secured party $1.5 billion.

This decision underscores the value of UCC lien monitoring services: where secured parties can monitor their own UCC’s for unauthorized or accidental terminations. Also, secured parties should always ensure that UCC-3 Termination Amendments are included in their search results, and then contact the secured party(ies) of record to confirm the termination’s authenticity.

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