Thousands of commercial liens are filed daily by banks both large and small. Unfortunately, those liens can become unperfected at some point in their lifespan for many reasons. Debtor names change, addresses change, liens lapse unexpectedly, or information might even be incorrect when the UCC is first filed.
It’s an enormous task for any bank to keep up with all possible changes across their lien portfolio, and if you’re filing UCCs in-house directly with Secretaries-of-State, you may not be doing everything you can to keep assets secured and ensure compliance. It’s not the job of the state to keep track of your filings. The burden remains squarely on the back of the lender. And with that burden comes tremendous financial risk.
Constant attention is required to maintain a holistic view of your lien portfolio. The good news is that there are innovations that can help you reduce costs, increase productivity, and stay ahead of the pack in the competitive field of commercial lending.
Join Wolters Kluwer’s Lien Solutions for a webinar that will explore: