Source: https://www.capitollien.com/resources/blog
Timestamp: 2018-02-22 16:22:06
Document Index: 340330757

Matched Legal Cases: ['art 2', '§ 9510', 'art 1', '§ 9511', '§ 9513', 'art 4', 'art 3', 'art 2', '§ 9', '§ 9102', '§ 9309', '§ 9', '§ 9103', '§ 9', '§ 9', '§ 9', '§ 9324', '§ 9324', '§ 9324', 'art 3', 'art 1', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', 'art 2', 'art 3', 'art 2', 'art 1']

Capitol Lien - Blog
Jurisdiction Updates (14)
Your resource for everything relating to public records, research, and risk mitigation.
Post Lien Search
State Closures:
12/22/17 Christmas Holiday: Illinois, Michigan, South Carolina
12/25/17 Christmas Day: All States
12/26/17 Day After Christmas: Florida, Georgia, Kansas, Maine, North Carolina, Oklahoma, South Carolina, South Dakota, & Tennessee
12/27/17 Christmas Holiday: North Carolina
1/1/18 New Year’s Day: All States
1/2/18 New Year’s Holiday: Tennessee
1/12/18 Lee-Jackson Day: Virginia
1/15/18 Martin Luther King Day: All States
1/19/18 Robert E. Lee Day: Florida
Jurisdictional Updates:
North Carolina: House Bill 228 (Session Law 2017-23) signed by the governor and effective June 2 postponed for five (5) months until December 1, 2017 the implementation of the new Assumed Business Name Act law enacted by Session Law 2016-100. Register of Deeds offices will upload assumed name information to a searchable online statewide database for assumed names to be maintained by the Secretary of State.
Minnesota: The Secretary of State reminded all Minnesota LLCs formed prior to August 1, 2015 that they will become subject to Chapter 322C beginning January 1, 2018 as Chapter 322 B is repealed. In 2014 the legislature enacted the Revised Uniform LLC Act which took effect August 1, 2015 & enabled existing LLCs to elect to be governed under the new act or to remain under the prior LLC law Chapter 322B until January 1, 2018. Customers with LLCs formed prior to August 1, 2015 should review LLC operating agreements for compliance with internal governance requirements under Chapter 322C.
Oregon: Starting January 1, principle place of business & officer/director/member/manager information will be REQUIRED when entities file their articles; there will no longer be an option to wait until filing their first annual report. The old forms will NOT be accepted after the first of the year.
South Carolina: Appraisal Management Licenses
All appraisal management companies registered in South Carolina must obtain an appraisal management company license with the Department of Labor, Licensing & Regulations. Registration must be completed no later than February 1, 2018.
Indiana: Senate Bill 443, effective January 1, 2018, enacts the Uniform Business Organizations Code & the Uniform Business Organization Transactions Act, governing various issues, including filings with the Secretary of State, names, registered agents, foreign entities, administrative dissolution, fees, mergers, interest exchanges, conversions & domestications for all business entity types.
September 4th Labor Day All States; Capitol Lien Closed
West Virginia – Nonprofit Corporation Articles of Incorporation Fee Increase
Senate Bill 547: Effective July 7 increases filing fee to $100.00 for nonprofit corporation Articles of Incorporation & authorizes expedited service fees up to $500.
The Following State changes became effective on July 1st:
House Bill 169: (Chapter 2017-47) amends fictitious name registration act to repeal the sworn statement, clarify requirements & time periods for registration, renewal & cancellation, & prohibit use of business entity endings.
House Bill 87: (Act No. 47) authorizes to provide for annual registration of business entities to be valid for a period up to & including three (3) years & permits conversions of foreign corporations to domestic corporations & conversions of domestic corporations to foreign corporations.
House Bill 54: (Session Law Chapter 34) corrects oversights from the 2015 enactment of the Business Organizations Code to clarify certain fee names & remove fees that are no longer charged.
House Bill 4361: (Public Act No. 637) amends the Limited Liability Company Act to, among other things, update conversion, merger & domestication provisions; permit filing of a statement of authority or limitation of authority to execute instruments transferring real property or to enter into other transactions on behalf of the LLC; permit filing of a statement of termination after winding up a dissolved LLC; expand the scope of operating agreements; & protect LLC names for 3 years after administrative dissolution.
House Bill 363: (Chapter 64) exempts from recordation & transfer taxes the transfer of real property from a sole proprietorship to a limited liability company if the LLC’s sole member is identical to the converting sole proprietor.
Senate Bill 2327: Amends requirements for conversion & domestication including the time period to correct a filed document.
Assembly Bill 13: (Chapter 5) changes the name of “state business registration” to “state business license” to be obtained when filing the initial or annual list.
Senate Bill 124: (Session Law No. 2016-140) modernizes the law governing the use of assumed business name filings.
House Bill 1038: Repeals the requirement for farm corporations to file annual reports with the SOS.
House Bill 23: Permits SOS to return rejected documents within 15 days instead of 5 days; send notices by regular mail or e-mail instead of certified mail; & cease publication of notices that LLP registration has lapsed.
Multiple Secured Parties: Amendments
Complications with Multiple Secured Parties: Part 2- Amendments
Again, most people do not appreciate the potential complications involved when a search reveals multiple secured parties on a single financing statement.
In the first part of this series, we discussed the potential for confusion to arise when a new secured party is added but the interest, if any, of the “old” secured party is not unambiguously ended. Consequently, an “old” secured party can remain a secured party of record; and remember: a careful searcher should seek to resolve the interest of every secured party of record. In this part, let’s discuss amendments other than terminations.
An amendment authorized by one secured party does not necessarily affect the rights of another secured party on the same financing statement. See § 9510(b). If SP-1 files an amendment without the concurrence of SP2, the amendment affects only the rights of SP-1. Presumably, the “other” secured party, SP-2, would be quick to ratify any amendment that adds collateral, adds a debtor, or otherwise increases its rights, but SP-2 would be just as quick to deny any amendment that purports to delete collateral, delete a debtor, or otherwise decreases its rights.
For example, consider that there are two secured parties listed for a financing statement, and one of them files an amendment. The amendment only affects the rights of any secured party that authorized the amendment. The secured party that filed the amendment almost certainly authorized it – that seems apparent from the fact that the secured party did file an amendment – but the other secured party’s authorization is not apparent from the filed amendment itself.
In this context, there are three alternatives to bind the “other” secured party. First, one could obtain evidence that the other secured party, SP-1, no longer actually has an interest, so SP-2’s amendment is sufficient. Second, one could obtain evidence that SP-1 is bound by the actions of SP-2, thereby making SP-2’s amendment binding on SP-1. Third, one could obtain authorization to file an amendment on SP-1’s behalf.
Again, any time there are multiple secured parties indicated with respect to a financing statement, one should satisfy oneself either (a) that all the secured parties have authorized the amendment, or (b) that all the “live” secured parties have authorized the amendment and there is adequate evidence that the other secured parties have either released, waived, or otherwise lost their rights with respect to the financing statement OR are bound by whatever amendments have been filed.
Notice that there has been no mention of continuation? Well, like other amendments, a continuation only affects the rights of a secured party that authorizes the filing. However, if there are multiple secured parties and one files a continuation, it is a virtual certainty that any other secured party would ratify or adopt the continuation, to protect its interest, if it still has one. Practically, it is exceedingly rare to see multiple concurrent continuations, though it would be the best practice for each secured party to file its own continuation.
More next time on the risks and consequences associated with the confusion from multiple secured parties on a single financing statement.
Multiple Secured Parties: Terminations
Complications with Multiple Secured Parties: Part 1- Terminations
Most people do not appreciate the potential complications involved when a search reveals multiple secured parties on a single financing statement.
Here is part of the cause of the confusion: the filing office has a serious concern about omitting pertinent data, and their system is designed to add information readily but to remove information only in very specific circumstances. In Minnesota, at least, applicable rules provide that:
1. An assignment adds the assignee as a secured party but does not delete the assignor as a secured party. (See Minn. R. 8280.0220)
2. An amendment to change a secured party’s name adds a “new” secured party name but does not delete the “old” secured party name. (See Minn. R. 8280.0210(A)(3).)
The problem, then, is that a UCC search report may show multiple secured parties while the underlying records could reveal that one or more of the apparent secured parties is not actually still involved. Official Comment 2 to § 9511 astutely states that “all effective records that comprise a financing statement must be examined to determine the person or persons that have the status of secured party of record.” True!
If a search reveals multiple secured parties with respect to a financing statement, and the goal is to resolve that financing statement, one can pursue one of two approaches. One can analyze all the records affecting the financing statement, attempt to compile evidence to exclude one or more antiquated secured parties, and obtain terminations from each secured party that has not been definitively excluded. Alternatively, one can seek to obtain a termination statement from every listed secured party.
"If one of several secured parties of record files a termination statement, [its effect] applies only with respect to the rights of the person who authorized the filing of the termination statement… The financing statement remains effective with respect to the rights of the others.” Official Comment 5 to § 9513.
The filing office is not the arbiter concerning who should be a secured party of record; they will list any secured party that has not unambiguously been relieved of that role. To be certain that the interests of all prior secured parties are resolved, one must obtain a termination from each and every secured party of record OR otherwise collect evidence to establish convincingly that the interest of each apparent secured party was otherwise ended. To resolve the interest of a secured party revealed in a search report but which is not subject to a UCCform termination from that secured party, one might chose to rely on an authenticated statement from the apparent secured party that the one of the following three things is true.
First, the secured party could state that its entire interest memorialized in the financing statement was transferred to another named secured party of record with respect to that financing statement. For example: “SP-1’s entire interest in collateral memorialized in financing statement [filing no.] was transferred to SP-2 on [date].” Then, so long as one has a termination statement from SP-2 dated after the date SP-1 transferred its interest, one could conclude that that financing statement is resolved. Theeffect of this first type of statement is to establish that SP-1 no longer claims any interest.
NOTE: The implication of a UCC-3 amendment indicating an assignment in Field 3 and completing Fields 7 and 9 but not Field 8 should be that the assignment is not a partial assignment. Logically, an assignment that is “not partial” must be “full,” but the assignor would still remain as a secured party of record absent a separate amendment indicating a party information change in Field 5 and identifying the secured party to be deleted.
Second, the secured party could agree to be bound by the “new” secured party’s termination, probably at the same time denying that the earlier secured party still has any interest. For example: “SP-1 cannot provide a termination to financing statement [filing no.] because it transferred its entire interest to SP-2. SP-1 agrees to be bound by any termination provided by SP-2.” Then, so long as one has a termination statement from SP-2, one could conclude that that financing statement is resolved. The effect of this second type of statement is to establish that SP-1 is bound by SP-2’s termination. Third, the secured party could authorize another (e.g., the debtor or the prospective new secured party) to file a termination of the secured party’s interest. For example: “SP-1 authorizes [named person] to terminate whatever interest SP-1 has, if any, under finance statement [filing no.].” Then, so long as the authorized person completes a termination, and SP-2 has separately provided its termination, one could conclude that that financing statement is resolved. The effect of this third type of statement is to delegate the authority to prepare and deliver a termination of SP-1’s interest.
NOTE: Only the third alternative will result in a “clean” UCC search result, because it authorizes the filing of a UCC-form termination. The two other alternatives involve evidence that the secured party no longer has an interest, but they do not necessarily provide a vehicle to cause a UCC-form termination to be filed on the secured party’s behalf, so the UCC search results may continue to reflect the potential interest.
So, a careful searcher should seek to resolve the interest of every secured party of record, not merely the “latest” secured party of record with respect to each financing statement, and there are multiple ways to accomplish this, though the decision regarding which method is acceptable for each searcher is left to that person’s determination.
More next time on amendments, etc.
Arizona - House Bill 2447
House Bill 2447 requires the Arizona Corporation Commission (ACC) to create and maintain a database for documents filed in the previous 90 days to be available online and business entities located in counties with more than 800,000 population (Maricopa and Pima) may submit the online information in lieu of publication.
California - Articles of Incorporation Amended
The Articles of Incorporation of a General Stock Corporation has been reformatted to include tips and clarification for filing.
Florida - Senate Bill 1104
Senate Bill 1104 permits a financial institution authorized by state or federal law to designate with the Department of State a place or registered agent as the sole location to receive service of process. If a financial institution has no registered agent, service may be made to any officer, director or business agent at its principal place of business or any other branch, office or place of business in Florida.
New York - County Clerk Record Searches
Effective January 1, 2017, the search fee will increase from $5.00 to $10.00.
Pennsylvania - House Bill 1398
House Bill 1398 amends Title 15 (Corporations and Unincorporated Associations) and modernizes the law on limited liability companies, limited partnerships, general partnerships and limited liability partnerships. Among other things, LLCs and LLPs must file a certificate of termination to terminate existence, and benefit companies may be formed as LLCs.
January 1 (Biennial)
Domestic: Corporation
Foreign: Corporation
Domestic: Limited Liability Company
Foreign: Limited Liability Company Domestic: Limited Partnership
Foreign: Limited Partnership
All States Closed
Capitol Lien Offices Closed
The end of 2016 is fast approaching! In addition to the friends, family, food & gifts, make sure to successfully wrap-up all of your compliance tasks. We would like to help with the following reminders:
Obtain all appropriate business licenses & keep note of their renewal dates. If your clients have expanded or changed their business in the past year, you might need new licenses.
Are you or your clients planning to do business outside of the state the organization is formed in? If so, you need to register. This is referred to as, “foreign qualification.” If operating in a state without having foreign qualified, that could carry fines & penalties into the new year.
For your own business or those of your clients, make sure the annual renewal/report is filed so the company isn’t administratively dissolved.
Dissolutions & Withdrawls
Properly dissolve or withdraw from states where operations have ceased. This will avoid having to pay potential taxes in that jurisdiction in the next year.
Corporate Amendment Filings
Be aware of any company changes this year, such as a change in business name or a new address, a corporate amendment will need to be filed to keep the business records up to date.
Update UCCs
Review loan files to capture any changes that need to be made to UCC financing statements. Be aware of any address or name changes of a debtor this year.
Arkansas, Illinois, Kentucky, Louisiana, Michigan, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia, Wisconsin
All States & Capitol Lien Offices Closed
December 27 Day After Christmas (observed) Alabama, Florida, Georgia, Kansas, Kentucky, Louisiana, Maine, New Mexico, North Carolina, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Virginia, Wyoming
December 30 New Year's Eve (observed) Kentucky, Louisiana, Michigan, Mississippi, Tennessee, Texas, West Virginia, Wisconsin, Wyoming
UCC Filing: Part 4
Post Lien Recommended Steps
Conducting a Post Lien Search is of the greatest importance for double checking to make sure the filing is on record and indexed correctly.
Search of filing office's UCC records after your UCC has been recorded.
1.Confirms states' index is correct
2. Verifies lien position relative to other creditors
3. Closes gap between pre-funding UCC search and your UCC filing, if performed
The three types of Post Lien Searches often performed:
Exact legal name- state standard search logic
Unperfected lien/seriously misleading if doesnt show up
Can reveal name variations
Filing Number Verification
Search on UCC filing number only to see how it's indexed, not a search on the debtor name
Effortlessly search for UCCs, retrieve copies and submit UCCs for filing. (Read More)
Request your widespread, multi-jurisdictional searches through Capitol Lien. (Read More)
Capitol Lien retrieves and verifies property information to provide the highest level of integrity. (Read More)
Do you say "P.M.S.I." or "pimm zee"?: Part 3
Why allow a PMSI to disturb the relatively straightforward order-of- filing priority scheme? There are at least two reasons: facilitating seller financing and limiting the power of existing secured parties.
Sometimes a seller of goods is willing to provide financing to a buyer. Sometimes the seller’s financing is on better terms than the buyer’s line of credit with its traditional lender, or perhaps the buyer does not have a line of credit and the traditional lender cannot or will not extend additional credit to the buyer. If the seller were willing to provide the financing and step into line behind the traditional lender, whose perfected security interest would attach to the new goods, great! But if the seller expects or requires that it will get a first-priority security interest on the new goods – goods it is selling to the buyer – the transaction cannot be completed without the cooperation of the traditional lender; unless there was a special rule to enable a seller to “jump ahead."
Say neither the seller nor the existing lender/secured party is willing to finance a buyer; perhaps the buyer wants to add a new product line to complement existing lines, but the seller does not provide financing, and the existing lender views the idea as a change in business model that it does not support. Should the existing lender’s reluctance prevent the would-be buyer from pursuing the effort? No. If the buyer can find another lender who would provide financing, the new lender could satisfy the technical requirements to create a PMSI, enabling the buyer to proceed and limiting the effect of the existing lender’s refusal or inability to provide additional financing.
Note that it is common for loan documents and similar agreements to include restrictions on additional financing or further security interests. Though the PMSI rules allow for a seller or new lender to “jump ahead” in terms of priority, to do so might be a breach or event of default under existing agreements, so a would-be buyer must still be wary.
So, for some types of funding – of purchasemoney obligations – and for some types of collateral – purchasemoney collateral – one has the opportunity to satisfy the technical requirements and take advantage of an exception to the general rules of priority to acquire purchasemoney priority and a PMSI!
Do you say "P.M.S.I." or "pimm zee"?: Part 2
If a secured party has a perfected security interest in purchasemoney collateral, the secured party should be able to acquire purchasemoney priority – and take advantage of an exception to the general rules of priority – by satisfying the technical requirements of § 9-324.
If the purchase-money collateral is consumer goods (see § 9102(a)(23)), perfection occurs even without filing (see § 9309(1)) and the PMSI priority begins at attachment of the security interest (see § 9-203(a)). Remember that, generally, the burden is on the secured party claiming a PMSI to establish the existence and extent of the PMSI (see § 9103(g)), and a filing can be useful to memorialize the facts of the transaction, even though filing is not required.
If the purchasemoney collateral is equipment or farm products other than livestock, a PMSI takes priority so long as it was perfected before or within 20 days after the debtor receives possession of the purchasemoney collateral. See § 9-324(a).
If the purchasemoney collateral is inventory, there are two important differences. First, the security interest must be perfected before the debtor receives possession of the purchasemoney collateral; there is no 20-day grace period. See § 9-324(b)(1). Second, the secured party claiming the PMSI must send, and all secured parties with prior perfected security interests in inventory must receive, a qualifying notification before the debtor receives possession of the purchasemoney collateral. See § 9-324(b)(2)- (b)(4). An “inventory PMSI prenotification” must (1) state that the sender has or expects to have a PMSI in inventory, (2) identify the debtor, and (3) describe the inventory. The secured party claiming the PMSI should send the notification by some means that allows the creation of evidence of receipt by the competing secured parties – for example, certified mail return receipts.
Note that it is easy to overlook the limitation that an inventory PMSI prenotification is only effective for five years. See § 9324(b)(3). Inventory itself probably turns over much faster than that, but an inventory financing relationship could last longer than that. Therefore, an inventory PMSI prenotification should be renewed on a schedule similar to continuation of a UCC financing statement.
If the purchasemoney collateral is livestock, a “livestock PMSI prenotification” is required. It is similar to an inventory PMSI prenotification, except that it must be received by the holders of competing security intertests in livestock within six months before the debtor receives possession of the purchasemoney collateral. See § 9324(d).
Note that it is necessary to “refresh” a livestock PMSI prenotification at least every six months, due to the small window for notification, if the debtor is continuing to receive possession of purchasemoney collateral.
If the purchasemoney collateral is software, the special priority rule applies only if the software is acquired or used in goods that are also purchasemoney collateral. See § 9324(e).
Why the special treatment of PMSIs? More on that next time, in PMSIs – Part 3.3
Do you say "P.M.S.I." or "pimm zee"?: Part 1
Under UCC Article 9, the general rules for determining security interest priority are (1) that perfected security interests have priority over unperfected security interests, and (2) that perfected security interests have priority according to their respective times of filing or perfection. See § 9‑322(a). That is why we pay so much attention to the chronology of a UCC search report. One exception to the general rules involves purchase‑money security interests, or PMSIs.
A “purchase‑money obligation” is an obligation incurred for some or all of the price ofcollateral, so long as the funding is, in fact, used to enable the debtor to acquire rights in the collateral. See § 9‑103(a)(2). And “purchase‑money collateral” is goods or softwarethat secure a purchase-money obligation.
Note that a PMSI must involve goods – equipment, inventory, farm products, or consumer goods – or software. See §§ 9‑102(a)(44), -102(a)(33), -102(a)(76). One cannot have a UCCPMSI in accounts, chattel paper, general intangibles, instruments, or investment property, or in anything else that is not goods or software.
Under the first part of the general rules stated above, a perfected security interest will have priority over an unperfected security interest. Therefore, to take advantage of the exception to the general rules and achieve purchase‑money priority, one must perfect the security interest. For equipment, inventory, farm products, and software, which are eligible for a PMSI claim, a security interest can – and must – be perfected by filing a financing statement. See § 9‑310. For consumer goods, filing is advisable, both to provide protection in the event of a further sale of the consumer goods to a second buyer (see § 9-320(b)), and in case the secured party cannot establish all the requisites for a PMSI but still desires to have a perfected security interest (see § 9‑309(1)).
Note that, generally, the burden is on the secured party claiming a PMSI to establish the existence and extent of the PMSI. See § 9‑103(g).
So, if one has a purchase‑money obligation and purchase‑money collateral, one has the opportunity to acquire a purchase‑money security interest, or PMSI. How? More on that next time, in PMSIs – Part 2.
UCC Filing: Part 3
IACA Forms: The following PDF Forms are provided to assist with your UCC processing.
UCC1 – Financing Statement
UCC1Ad – Financing Statement Addendum
UCC1AP – Financing Statement Additional Party
UCC3 – Financing Statement Amendment
UCC3Ad – Financing Statement Amendment Addendum
UCC 3AP – Financing Statement Amendment Additional
UCC5 – Information Statement
UCC11 – Information Request
Verify proper filing fee or use an agent that would know
Make sure you are filing in the appropriate jurisdiction
Capitol Lien is a leader in Registered Agent Services nationwide. (Read More)
Database Direct allows clients to perform name searches and obtain copies of UCCs and Tax Liens. (Read More)
Stay updated on the latest legislation and jurisdiction news on our blog. (Read More)
Colorado - Filing Fee
The fee for dissolving a Colorado entity decreases from $25.00 to $10.00, effective October 1, 2016.
Florida Senate Bill 1104 was signed into law by Florida Governor Rick Scott. The bill allows a financial institution authorized by state or federal law to designate with the Department of State a place or registered agent as the sole location to receive service of process. Service of Process may be made on any officer, director or business agent of the financial institution at its principal place of business, or at any other branch, office or place of business in the state, if a financial institution has no registered agent.
Iowa - Electronic Records
One million documents have been electronically filed in Iowa. Iowa Land Records serves all segments of the real estate industry, such as financial institutions, title companies, real estate attorneys and other government agencies. In addition to the electronic filing service, Iowa Land Records provides online access to nearly 16 million public records for all Iowa counties.
Washington D.C. - Apostille & Notary Certificates
The D.C. Government has changed the look of their Apostille and Notary Certificates. They are now blue and on watermark paper.
Domestic: Non-Profit Corporation
Foreign: Non-Profit Corporation
Domestic: Limited Parnership
Columbus DayAlabama, Alaska, Connecticut, District of Columbia, Georgia, Idaho, Illinois, Indiana, Maine, Maryland, Massachusetts, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, Ohio, Pennsylvania, Rhode Island, South Dakota, Utah, Virginia, West Virginia
Deleware - Senate Bill 276
Effective on August 1, 2016, Senate Bill 276 adds “statutory trust” to the definition of “person” for purposes of the Uniform Commercial Code.
Arizona - Senate Bill 1356
The bill requires both certified copies from the foreign jurisdiction and articles of amendment will be required if the corporation changes its name, duration, or domicile, or if anything on the original Application was inaccurate when filed.
North Carolina - Senate Bill 482
Recent Senate Bill 482 allows the conversion of a charitable or religious corporation to a LLC.
West Virginia - UCC Electronic Filings
The West Virginia’s Secretary of State’s office will require all UCC financing statements be filed electronically effective August 1, 2016. A grace period to transition from paper to electronic will not be provided.
September 5 All State & Capitol Lien Offices Closed Labor Day
UCC Filing: Part 2
Before filing a UCC you will need to do the following to ensure that your filing is successfully filed:
1. Ensure you are filing on all proper debtors associated with the transaction
2. Verify proper legal name(s) and addresses
3. Run a UCC search on each debtor's legal name to make sure collateral is clear of any liens
The Best way to determine the legal name of a corporate entity is to obtain a copy of it's charter documents, including amendments which could reveal any recorded name changes.
We can help you to obtain corporate records to ensure the proper legal name of a business. We provide corporate services every day in conjunction with UCC searches and filings for our clients.
When determining the proper individual debtor name on the financing statement, not all states are the same. Even though most states have adopted Alternative A following the 2013 revisions to the UCC statute, seven states (AK, CO, CT, DE, NH, OR, WY) to date have adopted Alternative B.
Alt. A states require the exact name as it appears on the driver's license
Alt. B states accept multiple ways to determine the proper legal name:
​Driver's license, name under current law and surname and first name
Example: Robert B. Smith, Robert Bradley Smith, Robert Smith
Nebraska - Legislative Bill
NE LB 1050 was passed by the Nebraska Legislature on April 1, 2016, and was signed into law by Nebraska Governor Pete Ricketts on April 7, 2016. The bill authorizes the conversion of domestic partnerships and domestic limited liability partnerships into domestic limited liability companies or foreign limited liability companies. Effective date: July 21, 2016
West Virginia - Electronic UCC Filing
UCC Filing: Part 1
The Uniform Commercial Code is the law governing various financial commercial transactions. A UCC essentially gives notice to the public that the secured party has an interest in the personal property of the debtor.
A UCC lien usually results when a secured party lends money to a debtor, and the debtor pledges collateral to the secured party or lender in exchange for the loan.
While a UCC is not a legal document and doesn’t need signatures, they still have serious ramifications. An improperly completed or filed UCC-1 will result in loss of your institutions perfected security interest.
A Secured Party Search reveals UCCs that are filed by a specific secured party, rather than by debtor name.
Database Direct allows clients to perform name searches and obtain copies of UCCs and Tax Liens
Don't leave your clients and company at risk by revealing potential Tax Liens.
Termination does not make a UCC inactive. A UCC is only made inactive upon it’s natural lapsing.
Learn more here: www.law.cornell.edu/ucc/9/9-515
Indiana - Vehicle Titles & Plates
Beginning July 1, 2016, consumers will have up to 45 days after purchasing a vehicle to get the vehicle titled and plated. Previously, consumers only had 31 days to get the vehicle titled and plated after purchase.
July 15 Alaska
Domestic: Non-Profit Company (Biennially)
Foreign: Non-Profit Company (Biennially)
July 4 All State Offices Closed Independence Day
July 25 Utah Pioneer Day
Foreign: Limited Liability Company
Domesic: Limited Partnership
Domestic: Limited Partnership
The following information is offered up to provide some details around the use of easements on real property:
The basic definition of an easement is ‘a right to cross or otherwise use someone else’s land for a specified purpose’. Note here that it is a right of use and not ownership.
All express easements must be in writing and should be properly filed to be of record. Consent to an express easement should be obtained from the grantor’s mortgagee.
Typically easements can be created by granting a deed when interested parties have reached an agreement. Quitclaim deeds are used the most often. When these are properly completed and executed they transfer interest the grantor has in the property to a recipient (the grantee).
The scope of the easement should be well defined so there is no question around the intended use of the easement by either party. Also, do not forget to take a variety of maintenance costs into consideration. These are commonly underrated and should be negotiated and added to the easement agreement.
A cartway on a private driveway is usually petitioned for a landlocked parcel but it can be on a public road as well. The procedure includes petition, notice, and hearing in that order, but it is best to check with the jurisdiction of the land for any sample forms or procedures.
Use Capitol Lien for all of your real estate research from obtaining the correct legal description, pulling a deed, Owners & Encumbrance Reports, and much more.
Arkansas - Franchise Tax Deadline
The Franchise Tax Deadline will be moved this year to Monday, May 2 due to the annual May 1 deadline falling on a Sunday this year.
Minnesota - SOS Launches New Website
Secretary of State Steve Simon announced the launch of a new office of the Minnesota Secretary of State website designed to improve the visual experience and better meet the needs of Minnesotans, whether those registering to vote or starting a small business.
Arkansas - Franchise Registrations
The Division of Securities will only accept franchise registrations filed electronically after May 31, 2016. This date was selected by the Division in recognition of how busy March, April, and May are for franchises that make annual filings during this time.
May 1 Florida Domestic: Corporation
May 2 Arkansas Domestic: Corporation
May 15 Michigan Domestic: Corporation
May 15 North Dakota Foreign: Corporation
May 15 Texas Domestic: Corporation
May 9 Missouri Truman Day
May 10 South Carolina Confederate Memorial Day
May 30 All States Memorial Day
Dodd, Frank and Real Estate
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