Credit Tips Blog: Discover the Latest Industry Insights

Explore the Notice of Termination of Notice of Commencement. Understand its role in construction projects.

Maintaining documentation is important - not only for proceeding with secured transactions, but simply as a good business practice.

1, 3, 11… Confused counting? Of course not, silly, these numbers identify the various types of UCC filings under Article 9 of the Uniform Commercial Code (UCC).

A subcontractor discovered the high price of carelessness when the court honored executed unconditional lien waivers and vacated it's lien.

A preliminary notice is a low cost proactive alternative to the reactive high cost and high stress associated with collections. It pays to be proactive.

If you are furnishing to a property that is being leased, both the fee owner and the tenant should be served with the notice.

Unconditional lien waivers can be dangerous if blindly signed, as the signor is waiving all rights to further remedy regardless of whether or not payment has cleared.

Article 9's provisions for creditors to list collateral as "all assets" & importance of comprehensive descriptions in Security Agreements.

A consignment agreement itself is not enough – it is best to file a UCC with the consignment agreement to create a security interest in the goods.

Conditional lien waivers are preferred, because the “conditions” provide the creditor with leverage, in the event payment is not received or does not clear.

Leveraging a UCC filing in the collection process is significantly more effective than attempting to collect without any leverage.

Supply houses often overlook a powerful tool when trying to get paid. The UCC can be a faster and more effective collection tool.