CLASNotes Blog

When a lender considers extending credit or financing, one of the crucial steps in their due diligence process is performing a UCC (Uniform Commercial Code) search. This search provides a snapshot of a borrower's existing liens and secured financial[..]

A UCC search provides critical information about an individual or business entity’s existing liens and other financial obligations that could affect their ability to repay debts. For lenders, a UCC search will help uncover any existing claims to the[..]

Effective July 1, 2023, the International Association of Commercial Administrators (IACA) has introduced revised versions of the UCC1, UCC3, UCC5 and UCC11 forms.

According to the Uniform Commercial Code, a UCC Financing Statement is only effective if it properly identifies the debtor. A UCC filings that fails get the debtor name right will not perfect the underlying security interest and will not provide the[..]

Secured parties must file their UCC Financing Statements quickly and correctly in order to perfect their security interest and gain a priority position to collect. Even small mistakes in the UCC filing process can prove costly since they open the door[..]

By Jim Newman, Loeb Term Solutions

Liens, in and of themselves, are neither bad nor good; they just are. When a company needs financing or refinancing, the new lender will always run a lien search and find exactly what liens are currently encumbering the[..]

During the question and answer period following a recent CLAS webinar, Common UCC Filing Mistakes and How to Avoid Them, an attendee asked a great question. She asked, “When a UCC is terminated, what happens when the UCC is then continued before its[..]

When performing a UCC search as part of a due diligence investigation, it is imperative to search for liens under the right party names. Conducting searches under the incorrect names, excluding important parties from the search effort or failing to[..]

There are many options available for those who need a UCC search. It is important to have a good understanding of the various types of UCC searches you can choose from so you can make an informed decision about which option best meets the needs of your[..]

The nation’s three largest credit-reporting agencies: Equifax, Experian and TransUnion, have implemented new stricter standards for the reporting of tax liens and civil judgments.