Can You File on a Debtor Using Their Driver’s License?

Written by Amanda Rasizzi
Date February 2017

Conducting a UCC search, due diligence and risk mitigation can sometimes be a confusing process, especially for companies and people new to experience. One question that often comes up from new filers (and occasionally from more seasoned ones, as well) is whether they can file on an individual debtor using his or her driver’s license.

 

Are You Still First in Line? Maintaining Perfection Post Close

Written by Amanda Rasizzi
Date February 2017

Article 9 of the UCC requires the lender (secured party) to perfect its security interest in most types of collateral by preparing a UCC-1 financing statement and filing it with the appropriate government agency (most often the Secretary of State or County Recorder). As the lender who has taken the risk and extended the loan, it’s critical to pay close attention to every detail when preparing the UCC financing statement. Even the seemingly smallest of typographical errors could render the filing ineffective and your priority position no more.

 

Can a Debtor Terminate a UCC Filing on Themselves?

Written by Amanda Rasizzi
Date February 2017

If you ever find yourself in that frustrating situation the answer is: Yes, you can, providing this is no existing obligation to the lender. This is provided for in Section 9-513 of the Uniform Commercial Code.

 

What’s in a Name? For UCC filers

Written by Amanda Rasizzi
Date February 2017

Today it’s more important than ever to make certain you have the proper debtor name on all of your UCC filings. Unfortunately, as with every complex, multi-stage human endeavor, errors happen. With a UCC debtor name error, however, that mistake may not be apparent until the debtor encounters financial difficulty and the entity issuing the loan needs to collect its collateral months, or even years later.

 

Search strategy and the four-part search

Written by Amanda Rasizzi
Date February 2017

In many transactions, proper due diligence includes searching the public record for UCC liens, as well as many other types of liens that may be on file in the various filing offices throughout the country. Unfortunately, with more than 4,300 possible filing offices, conducting a thorough and comprehensive search can be a daunting task! Here we provide a basic overview for formulating a search strategy.

 

UCC basics series #1: Fixture filings

Written by Amanda Rasizzi
Date February 2017

Have you ever wondered what a “fixture filing” is?  Learn more and see if filing a fixture filing is your right course of action.

 

UCC basics series #2: UCC-3s

Written by Amanda Rasizzi
Date February 2017

UCC Back-to-Basics Series UCC-3s are used in a variety of transactions, and they are a key part of life cycle of a loan.  Learn more about the how UCC-3s help you to secure your assets. A UCC-3 is defined as a filing used to make any changes to a UCC-1 filing, including continuing or terminating […]

 

UCC basics series #3: Conducting searches

Written by Amanda Rasizzi
Date February 2017

Searching by the debtor’s correct legal name is an absolute necessity, and can often be quite complicated, read and unlock the mysteries behind this type of search.