UCC 101: The Basics of UCC Searching and Filing 2020

Please be advised that this reported webinar has been edited from its original format which may have included a product demo to set up a live demo or to request more information please complete the form to the right or if you are currently not on csd global there is a link to the website in the description of this video thank you hello everyone and welcome to

Today’s webinar utc 101 the basics of searching and filing my name is annie turbo lenny and i will be your moderator joining us today is russ slash russ is a financial account manager at csc he is responsible for building relationships with customers and since joining csd in 2010 russ has improved the customer experience by shortening workflow turnaround times and

Decreasing processing times including improving uniform commercial code delivery time and with that let’s welcome russ thanks andy for the introduction welcome everyone before we get into the content some facts about csc we are the business behind business founded in 1899 so we’ve been around for 120 years global company headquartered wilmington delaware over 60

Years serving the financial industry with over six million ucc transactions processed annually and over 8 million ucc transactions monitor so csc is the largest u.s. own provider of the lien related services like the ucc registered agent entity and litigation management and also the digital brand services today’s agenda questions to ask yourself ucc searching

Ucc filing monitoring arming yourself cic resources then i’ll show you the csc financial online demo and then finish with questions and answers questions to ask questions to ask yourself are you following searching and filing best practices also are you filing against the right debtor names every time and are you monitoring your portfolio for changes that may

Affect your lien position next up is ucc searching searching best practices so you see on this page we have an illustration on the left you have the search subject and on the right the best search practice so in this case and we’ll go down the line here individuals so with individuals the starting point for every ucc search conducted an individual as the driver’s

License below that we have registered organizations here you would use the public organic record down below even further collateral administered by decedent’s personal representative you want to search the name the decedent’s and then lastly collateral held and trust is not a registered organization so here you want to search on the name put forth into trust

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Documents if there is no name you want to search unsaid where so you want to always include name variations for due diligence purposes next up is ucc filing ucc filing get the debtor name right you want to understand the impacts of the 2010 amendments you also want to follow the best practices for filing against individuals and registered organizations finally

Against individual debtor name we have the only if this means that the debtor name must be exactly what appears on the individuals driver’s license also sometimes called the alternative a very strict for the filer and if the license is expired are not issued by filing in state then we want to default to safe harbor so on the right side of the screen instead of

The only f we also have a safe harbor so the safe harbor the name can be what appears the driver’s license but other names may work as well sometimes called the alternative being it’s also more forgiving for the filer enactments and legislative status of the 2010 amendments to ucc article 9 so what we have here is a map the united states it’s showing us which

States are enacted with alternative a only if the dark blue and then the states that are enacted with the alternative b which is also the safe harbor in the teal so as we can see here that most overwhelming majority other states are enacted with alternative a only if so to review corporate debtor named best practices so here we have an illustration showing us

The type of entities and then also you know where you’d want to start at so corporations llc’s you want to obtain the public organic record with a government charter entity like a farm credit bank you want to obtain the charter documents business trusts say in massachusetts you want to obtain the record filed with the state hundred of state law and then lastly

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Sc created by legislation like fannie mae you want to find the statute that created the entity this is very important the name on the ucc must must match the articles of incorporation so in this case here we have elbow grain and feed incorporated so the articles incorporation state does elbow grain and feed incorporated and spelled out the debtor name on the ucc

Was elbow grain and ampersand feed incorporated so the financing statement was found to be seriously misleading the secured party lost a large claim because of the difference between the and in the ampersand ucc filings were to file so the general rule of filing would be to file in the central file in office where the debtor is located generally the secretary of

State office but there are exceptions in a couple states one being georgia the other one louisiana so in georgia you want to file the county level louisiana you want to follow parrish levels because louisiana doesn’t have counties in parishes so he filed the parish level however there are some collateral exceptions such as a fixtures timber to be cut and minerals

To be extracted so the finally location for collateral exceptions like the fixtures timber to be cut minerals to be extracted would be the office where mortgage would be recorded on the affected world property ucc filings determining the location of debtor so here we have another illustration showing us on the rule teal boxes here now which type of entities and

Then also on the right determining the location so to start off you have individual so with an individual you want to go at the location of the principal residence so we want to file location of the principal residence over the registered organizations under state law wherever they’re organized or incorporated registered organization under the federal law were

Designated by law or district of columbia other non registered organization that would be at a place of business this chief executive office if more than one and then also the jurisdictions without a filing requirement that would be district of columbia okay next up is monitoring portfolio monitoring changes in your debtors name or status can affect your lien

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Position so it’s crucial to monitor your portfolio for changes and to prevent lapse filings and there are simple automated ways to receive alerts when things change so we have several ways to monitor activity first is expiration tracking track your uccs for approaching expiration here the email notification of approaching dates view copies of acknowledgments

Finally numbers auto populate into the ucc three via the ucc three being the amendment type flexible reporting and the notification frequency of your choice we can send you expiration reports daily weekly or monthly second is corporate tracking so a corporate tracking will notify you when your corporate debtor changes their corporate name falls out of good

Standing dissolves or merges third is dinner tracking so debtor tracking will alert you to new filings against your debtor including new lending and terminations even yours will send email alerts with links to the tracking results this will allow you to evaluate findings and request copies if needed and forth is bankruptcy tracking so any delay in responding to

Bankruptcy filings can be costly so the bankruptcy tracking will monitor court records and then compare them to your debtor name street address city state and zip code arming yourself some csc resources one of our resources is called secure party representation or also what we call spirts so it spurs as you know ucc financing statements are public record so that

Means that anyone can access your customer list by running a search a ucc search so by using a secured party representative of prevent competitors from identifying ucc filings and then also it spurs it centralizes the inquiries now what that means is we have a dedicated team here to handle this first inquiries another resource we have is the csc block so cfc will

Provide you with an archive of filing office closings and communications pending and new legislation ucc article 9 updates such as the couple below here the mississippi updates and then also one in delaware and then also we urge you to check out csc global comm resources where you can find white papers filing guides and also on-demand webinars

Transcribed from video
UCC 101: The Basics of UCC Searching and Filing 2020 By CSC Headquarters