CT Lien Solutions Blog

UCC Article 9 Roundtable - Los Angeles

Recently, CT Lien Solutions brought together secured lending attorneys and executives from leading law firms, financial institutions and corporations at our UCC Article 9 Roundtable in Los Angeles. Panelists Steve Weise and Teresa Wilton Harmon, of Proskauer and Sidley Austin, respectively, along with our own Tim Hall and Bill Moore, led a lively dialogue on new case law and pending legislation that are shaping best practices of searching and filing under Article 9 of the Uniform Commercial Code.

This lively dialogue covered:

• Pending new amendments to the UCC Article 9
• Changes in the individual debtor name rules--including the treatment of search logic now, and after the amendments--and why to start using the rules now
• Post filing changes in the debtor: what can go wrong; timing of when to file and why
• Updated case law
• and more!

Click here for an opportunity to download the free audiorecording of this 90-minute expert panel discussion!

Audiorecording of Webinar Series – UCC Article 9 Proposed Amendments

Recently CT Lien Solutions partnered with the Commercial Finance Association to offer a two-part webinar series on the new proposed amendments to the UCC Article 9. Tim Hall, Managing Attorney with CT Corporation, moderated the series.

For those who did not attend this webinar, we’d like to present you the opportunity to listen to the audiorecordings. Click here to listen to Part 1, and here for Part 2.

Complimentary UCC RRA9 webinar series!

CT Corporation’s Tim Hall and the Commercial Finance Association (CFA) are partnering to offer the webinar series: “UCC Revised Article 9: Proposed Amendments” on October 28th and November 4th. The two-part series will address:

• UCC RA9 proposed amendments
• Secured and commercial lending best practices in relation to UCC RA9
• Impact on UCC searches, filings and debtor verification
• Legislative updates

Click here for more information and to register.

UCC Legal Forum Chicago

Recently CT hosted its inaugural UCC Legal Forum for attorneys in Chicago. We brought together attorneys from leading law firms to discuss UCC industry challenges and opportunities, including individual debtor names, trusts and mortgage assignments. The panel discussion was facilitated by some of the brightest in the industry: Teresa Wilton Harmon of Sidley Austin; Richard Newman of Mayer Brown; Darrell Pierce of Dykema Gossett; and CT's own Tim Hall, with Dan Lias as moderator.

For those who missed it, don't worry; we'll be hosting regular editions of this compelling CLE series both regionally and nationwide. To be included in future invitations, just send us an email. To listen to an audiorecording of our Chicago session, click: Part 1 of 2 - Part 2 of 2.

 

Highlights of the UCC Seminars in Atlanta and Chicago: Uncovering "hidden liens"

During two recent CT Lien Solutions UCC Seminars in Atlanta and Chicago, our colleagues Tom Connolly and Pia Angelikis shared recent findings and best practices in UCC filing and searching. For example:

• Challenge: Making sure you’re aware of “hidden liens” and other sneaky surprises you need to uncover during your searches
• Solution: Conduct a thorough review of the ENTIRE financing statement and related records

Searchers, you must look at the entire UCC-1 financing statement, not just the cover page, as well as any related documents, to uncover all pertinent details. How many times have you simply reviewed the list of filings, and the face page of each document? You’re putting yourself at a pretty hefty risk.

Article 9-102(39) defines the financing statement as “a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. And what about those attachment pages? The court case In Re Management by Innovation v. USBC – Florida in January 2005 demonstrates the urgency here. This case involved a collateral description on a UCC-1 filing. The UCC-1 was filed, with attachment pages. “Large printing press” was identified as collateral on the face page. BUT…hidden in the 9th paragraph of the attachment was language creating a blanket lien. The court ruled that subsequent creditors are charged with the obligation to read the entire document—including all addendums and attachments.

For more information on the next seminar or webinar in your area, click here.

Highlights of the UCC Seminar in New York on 6/15

Earlier this week CT Lien Solutions hosted its Uniform Commercial Code Seminar in New York. CT Corporation’s Managing Attorney Tim Hall shared recent findings and best practices in UCC filing and searching, including information regarding the upcoming RA9 amendments.

Among the items discussed in yesterday’s seminar was what to expect of the pending changes to the UCC forms. We give you a heads-up below. For all the info, be sure to catch the next seminar or webinar in your area! Click here for more details.

New forms

New forms will be part of the model act in 2013. Changing practices now will help you avoid problems later, and ease the transition period! Form revisions will likely affect:

• Individual debtor names
• Treatment of decedent’s estates/trusts
• Special transactions (e.g., public finance)
• Fixture filings and real estate information
• MORE changes coming over next few months!

Thanks to everyone who attended our seminar. We hope to see you at the next one!

Complimentary UCC seminars - Critical new RA9 information

Have you heard about the proposed amendments to the UCC Revised Article 9 and pending changes to UCC forms? If you want to get a headstart on compliance, you'll want to know the details.

CT Lien Solutions offers free, CLE-accredited seminars on vital UCC-related topics, including these latest developments.

Join our experts as they share recent findings and best practices acquired over 30+ years of experience with filing and searching the public record. As in past seminars, we'll provide a foundation of advice on managing your due diligence and risk. However, we've also revised the program to include critical new information affecting UCC filing and searching, including updated case law, proposed amendments to the RA9 and pending changes to UCC forms.

We conduct UCC seminars throughout the nation on a regular basis, and also offer webinars for those unable to attend in person. On-site seminars coming up in June include Atlanta, Boston and New York. For more information, or to register, click here.

New to the industry or need a refresher? Register for our UCC Basics webinar

CT Lien Solutions' next UCC Basics session will be held on 6/2, at 2:30-3:30pm CST.

This free webinar--UCC Basics: Filing and Searching Under Revised Article 9--provides practical and technical information on preparing UCC filings and searching public records.

Please call 800-833-5778 for information or click here to register.

This tutorial will cover:

• Scope of UCC Article 9
• Advantages of Perfection
• What to File? (National UCC Standard Forms Financing Statements)
• UCC-3 Amendments
• Common Mistakes
• Fixture Filings
• When to File?
• Acknowledgement of Filings
• Where to File?
• Searching Basics
• When to Search?
• The More Complete Search
• Why Search for Other Lien Types
• Why Search for Pending Litigation