The Basics Of The UCC Process
Jerry Bailey is the Executive Sales and Education Services Manager for NCS and has been with the company since 1995. Prior to coming to NCS, Jerry was a Corporate Credit Manager in the manufacturing industry for 10 years, during which time he gained a very thorough hands-on experience with both UCC filings and Mechanic's Lien filings.
Jerry consults with companies daily and has spoken to groups nationwide about Article 9 of the Uniform Commercial Code, the Revised Article 9 Model Act, the nuances of Construction Credit, and the benefits of selling through secured transactions. His presentations cover not only the legal protections brought about by the mechanic's lien and UCC filing processes but also practical solutions of how and when to use these tools.
The Uniform Commercial Code was created to minimize risk and make it more attractive for companies to extend credit. It provides creditors protection in the event of their customers’ default or bankruptcy.
Attend this webinar to learn how UCC filings can offer:
- PROTECTION when your customer files Chapter 7, Chapter 11, or defaults
- OPPORTUNITIES to take first priority in your inventory or equipment
- AN INCREASE in your comfort level when there is risk involved in marginal accounts
- COLLATERALIZATION Banks consistently require collateral against the credit lines they extend; trade creditors can do the same
Areas Covered
- The priority of Creditor’s Claims
- Blanket UCC Filings
- Purchase Money Security Interest UCC Filings
- Required Elements to Perfect a Security Interest
- Security Agreements
- Financing Statements
Course Level - Basic
Who Should Attend
- Controller
- Credit Manager
- Collections Manager
- Accounting Manager
Why Should You Attend
- Worried about customers filing bankruptcy?
- Concerned about extending credit to marginal accounts in this uncertain economy?
UCC filings secure collateral in agreement with your customer’s promise to pay.
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