CT Lien Solutions Blog

July jurisdictional holidays

Set forth below is the State Holiday List for the month of July 2011. As always, please bear in mind that these dates are accurate as of the date of publication, but subject to change as states often make last minute revisions to their holiday closing schedules.

State	Holiday	Date
ALL	Independence Day	July 4
UT	Pioneer Day	July 25

Potential shutdown of MN Secretary of State and its impact on lien perfection and notice

Due to budget constraints in the state of Minnesota, the state faces a possible shutdown of Secretary of State services. Read the official press release here.

The decision to shut down will be made after a pending court proceeding determining which state services are to be deemed “essential”. Should the shutdown occur, it will likely take effect on July 1, 2011.

CT Lien Solutions would like to help minimize the impact on lenders. Lenders, if you have UCCs that are nearing expiration or require amendments, or if you are currently considering new loan applications with collateral/debtors in the state of MN, you may wish to consider the following preemptive actions, all to be completed before July 1, 2011:

• File upcoming continuations
• File any necessary amendments
• If you are currently in the due diligence stage for a new loan, pre-file your UCC1 now after obtaining authorization from the borrower; also conduct all necessary searches
• In the event of a shutdown, submit paper filings via USPS; 9-516 of the Uniform Commercial Code provides that filing is constituted by communicating the record to the filing office and tendering the filing fee

For assistance with any of your search and filing needs in the state of MN, contact your CT Lien Solutions Customer Representative. Prospective customers, e-mail CT Lien Solutions at info@ctliensolutions.com.

Check back into the blog for more details as we receive them.

Revised matrix - State-by-state breakdown of new UCC Article 9 legislation

We have revised our reference matrix of the state-by-state breakdown of the new Article 9 legislation, to account for the enactment of Nevada Assembly Bill 109.

The Nevada legislation is uniform across the board, with “Alternative A” adopted for 9-503.

Download the revised matrix here. To view the status of each bill on the state legislature website, click on the hyperlink embedded in the Bill #. To get a better understanding of what is addressed in each section of the code, click on the hyperlinks in the code section titles in the matrix header row. (For example, clicking on "9-503: Name of Debtor and Secured Party" in the header row of the matrix will take you to a previous blog post which describes the difference between Alt A and Alt B).

We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.