Glossary

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Amendment (UCC)

A filing which makes a change to the initial filing (i.e. change of address, collateral….). Can also be used to assign, continue, or terminate information from the initial filing.
 

Apostille

From the French word for “certification”; commonly used to refer to the legalization of a document for use internationally under the 1961 Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents.
 

Assignment (UCC)

Transfer of property right (real or personal) from one party to another. Assignments can be full or partial.
 

Assignee

The person to whom a property right is assigned.
 

Assignor

The party who assigns rights.
 

Authentication

Quality or condition of being authentic, trustworthy or genuine; proving not false or imitation; real or true.
 

Bankruptcy

Legal proceeding where one declares one’s inability to pay one’s financial obligations. There are various sections of the Bankruptcy Code under which one may file, depending on circumstances. It will be up to the Bankruptcy Court to determine the legitimacy of the proceeding. Bankruptcy searches are performed on PACER which searches the U.S. Bankruptcy Court files.
 

Bankruptcy Petition

The document the debtor files with the court that lists all the creditors he is indebted to.
 

Bankruptcy Schedule

Document listing the debtor’s list of creditors, containing the debtor’s outstanding debts and assets.
 

Borrower

Person or entity to which money or other property is loaned at their request.
 

Certificate of Good Standing

Certified document attesting to the status of the entity with the issuing agency (such as the Secretary of State) as of a specified date. Depending on the jurisdiction, the document may include information regarding the formation date, franchise tax and annual filing requirements. May be needed when opening a bank account or for other routine business.
 

Certified Copies

Photocopies of already filed documents authenticated with an attached certificate stating the photocopy is true and correct. May be needed when opening a bank account or for other routine business.
 

Collateral

Security given for the fulfillment of a debt (the real or personal property subject to a security interest). Collateral information is not required to be listed in a UCC filing with RA9, however, it is still common to have it listed.
 

Complaint

First document filed to initiate a lawsuit (filed by the plaintiff).
 

Continuation

Filing that continues the original UCC financing statement for an additional period of time.
 

Creditor

Person or entity who is owed by a debtor.
 

Debtor

The party who owes payment or performance of the secured obligation. May also be known as lessee, borrower, obligor, assignor or consignor.
 

Defendant

Person or entity against whom a lawsuit was brought by the plaintiff.
 

Docket Sheet

Formal record of all the actions in a court case or legal proceeding. Clients will frequently ask for a copy of a docket to determine what additional copies/information they may want us to obtain for them.
 

Due Diligence

Process of conducting a review for potential liabilities and to confirm the accuracy/validity of records.
 

Employer Identification Number (EIN)

A unique numerical identifier assigned by the IRS and used to identify business, partnerships, or other entities.
 

Federal Tax Liens

Statutory lien which exists in favor of the US Government for failure on behalf of the debtor to pay a tax which is due to the government.
 

Financing Statement

Nationally standardized document used for filing UCCs.
 

Fixtures

Goods which start out as personal property and are integrated into or affixed to realty and cannot be removed without damage to the real property.
 

Full Release

Filing which releases the entire security interest in the collateral.
 

Judgment

The final decision of a court that determines and states the settlement.
 

Judgment Lien

A lien in favor of a creditor against the debtor, usually issued as a result of a judgment and then filed with an appropriate filing office.
 

Lapse

Failure to renew a financing statement.
 

Legalization

Making materials or documents enforceable, justifiable or lawful by judicial or legislative sanction; give legal validity or sanction to.
 

Lien

A legal claim on the property of another for the satisfaction of a debt or duty.
 

Lis pendens

Latin for “suit pending”. May refer to any pending lawsuit or a specific situation with a public notice of litigation that has been recorded in the same location where the title of real property has been recorded.
 

Listing

List of filed documents in a jurisdiction.
 

Litigation

Carry on a legal contest by judicial process.
 

Mechanics Liens

Lien to favor persons who performed work or made repairs on real property.
 

Partial Release

Filing that releases a specific piece of collateral secured in an original financing statement.
 

Plaintiff

The party who files a complaint to initiate a lawsuit.
 

Real property

Land and whatever is erected or growing thereon or affixed thereto.
 

Search Logic

Methodology of researching.
 

Secured Party

The person or entity who lends money.
 

Similar Name

Name close to original one provided by the client. Example: client requests search on ABC Company and we find ABC LLC and ABC of Denver Company during the search. Provide both ABC LLC and ABC of Denver Company as similar names.
 

State Tax Liens

Liens filed in favor of the State for failure to pay tax assessed on real or personal property.
 

Stock

Stock gives rights of ownership (in part) of the assets of a corporation and a right to an interest in any surplus after the payment of debt. The number of shares of stock a company desires to authorize is determined by the corporation and set forth in its corporate documents. In some jurisdictions, a par value is set for each share of stock as the minimum consideration required to be paid for shares sold by the corporation. Among others, classes of stock may include common stock, preferred stock, and/or convertible stock. In many jurisdictions, the number of shares directly affects the franchise tax amount that will be due. One should consult with an attorney or accountant if they are unsure of what to list when forming their company.
 

Suit

A proceeding in which one or more parties ask a court to resolve a dispute. Suits can be open/pending or closed.
 

Tax Lien

A statutory lien existing in favor of State or Federal authorities.
 

Termination

Filing which denotes the ending of both parties’ obligations under the initial financing statement.
 

Thru Date

Date for which a jurisdiction is current with filings; may not be the current date.
 

Transmitting Utility

An entity primarily engaged in railroad, street, railway, trolley, bus services, electronics or electronic communications, or the supply of gas, electric, steam, water of the provision of sewer service. They are active until terminated.
 
The information contained within is for informational purposes only and should not be used for legal or financial advice. It is always best to contact an attorney or an accountant for assistance.

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