EAGLE 9® UCC Insurance Policy provides Lender's "lien perfection and priority" insurance for commercial loans secured by personal property as defined by the Uniform Commercial Code. This includes:

  • Mixed collateral loans
  • Asset based loans
  • Mezzanine lending
  • Fixtures
  • Loan workouts/bankruptcy
  • Equipment leasing
  • Existing loan portfolios
  • Project financing

Lenders can insure loan transactions secured by personal property. Mixed collateral transactions can be fully insured. Lenders can also outsource UCC searches, document preparation, filing and tracking; thereby saving time and money.

Article 9 revisions to the UCC significantly change the manner in which commercial loan security interests are granted, perfected and enforced. The revisions, effective July 1, 2001, change filing forms, filing jurisdictions and in certain cases, the manner in which collateral is described.


Other Services Available at through Eagle 9 UCC

The First American UCC Division has united with UCC Direct Services and ilien Online to provide its customers with self filing and searching solutions.

  • Assumed/Fictitious Names
  • Comprehensive
  • Real Property
  • Bankruptcy
  • Corporate Charter
  • Suits/Liens/Judgments
  • Uniform Commercial Code

The Assisted SearchTM

While a UCC Search can effectively bring you the information you need, broad-based parameters can sometimes generate a significant number of search results unrelated to you debtor, search results that can require extensive analysis and clerical time to eliminate. Now there’s an alternative. Through The Assisted SearchTM, the trained UCC professionals of First American will analyze your search results against your supplied borrower criteria and cull the search result to those hits that actually effect the lien status of your borrower. This review process brings you significant benefits including:

  • reduced clerical time and effort needed to eliminate search results that don’t apply to your borrower
  • the use of the most effective broad-based search without the previous delays and cost associated with analyzing the results
  • the expertise of First American’s underwriting officers, who will discuss the borrower criteria with you to zero in on your borrower

But as will all search companies, without exception, the results of the search are not insured and the search company limits its liability by contract for its own negligence to the rebate of the search fee. If you are primed by a missed filing, this return of fee is of little solace. Now there is an answer!

The Insured SearchTM

It must be kept in mind that all search companies have limitations on damages provisions in their search contracts to limit their liability. UCC Direct Services iLien Online / First American cooperative search service is no exception, limitations on damage recovery is needed because the charge for the search is not sufficient to cover negligence liability. However, First America has a solution.

Our innovative Insured Search product lets you insure the results of your search the editing provided by The Assisted SearchTM, giving you the first effective insured search ever offered... and value added features that work in your favor:

  • true indemnity coverage of $25,000 for an initial premium of $29.00
  • insurance against misindexing by the Secretary of State, incorrectly filed Termination Statements and other filing office errors
  • editing of the search results and insurance that those items deleted in the review of the search report provided by the Assisted SearchTM did not relate to your borrower
  • additional insurance coverage of up to $250,000 per search report

The Assisted FilingTM

The UCC trained professionals of First American will prepare and file your Financing Statement, including amendments, continuations and terminations of the Financing Statement record, utilizing information supplied by you in whatever format you desire – by phone, fax or email, and track the filed Financing Statements and advise you of pending lapse date –

  • Resulting in significantly reduced clerical time and effort to prepare and review the Financing Statement filing
  • A "second set of eyes" to review the Financing Statement for accuracy and completeness of Debtor and Secured Party information and the collateral description
  • Allows you to build into your financing process the most effective used of outsourcing for the preparation, filing and tracking of Financing Statements

The Insured FilingTM

Through the innovative insurance product development of First American, you can now insure the filing of your UCC Financing Statement and the tracking of lapse date through The Insured FilingTM, the first effective insured filing and tracking service ever offered –

This coverage insures the completeness of the filed Financing Statement and document preparation the editing and "second set of eyes" provided by The Assisted FilingTM, giving you the first effective insured filing ever offered…and value added features that work in your favor:

  • Coverage provided of $25,000 in indemnity coverage of the effectiveness of the filed Financing Statement and against inadvertent lapse for the initial premium of $29.00
  • Insures, for Registered Organizations, the accuracy of the debtor name – coverage for significant risk under the exact name criteria of Revised Article 9
  • Insures, for Registered Organizations, assuming attachment, the Perfection of your security interest and that you will prevail in a challenge to Perfection by a trustee in bankruptcy or a creditors' committee
  • Insures, for Registered Organizations, that you have filed in the correct Location under Revised Article 9
  • If we don’t warn you and your filing lapses, the loss of Perfection is on us to the insured amount and Additional insurance coverage up to $250,000 per filed UCC Financing Statement

The UCC Division Eagle 9® Newsletters

The Eagle 9® newsletter is a new source of information regarding the Uniform Commercial Code and insurance of security interest from the UCC Division of the First American Corporation. Each month we will bring you UCC related articles and new cases of interest that impact commercial and corporate finance.

Please e-mail us at talon@talongroup.biz if you would like to be included on the mailing list for UCC Division Eagle 9® Newsletters.