“There are risks associated with extending credit to a customer, and as diligent credit professionals, you take steps to mitigate that risk. Often times, you begin by reviewing your customer’s credit history, the amount of outstanding debt and payment history. But, assessing your customer’s credit-worthiness is only the beginning. You know that risk mitigation is an ongoing endeavor. Once you decide to extend credit to your customer, you need to ensure you are a secured creditor. Implementing basic credit management remedies, like UCC filings, could save your company hundreds of thousands of dollars.
Article 9 of the Uniform Commercial Code (UCC) governs secured transactions in personal property and affords trade creditors the opportunity to secure their goods and/or accounts receivable by collateralizing the personal property assets of their customer. A properly perfected UCC Financing Statement (UCC, UCC filing or UCC-1) grants the creditor a security interest, therefore reducing the risk associated with extending credit.
In order to create a security interest, you must:
• Have a signed Security Agreement and the security agreement must contain a granting clause and collateral description.
• Record the Financing Statement to make the security interest public record.
• Notify the prior secured creditors in order to Establish Priority in Inventory.”
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Agenda
Faculty
Kristin Alford
NCS
Kristin Alford is the Education & Marketing Specialist for NCS, the leader in providing credit professionals throughout the U.S. and Canada with proactive solutions to secure receivables, minimize credit risk and improve profitability. With uncompromising standards for professional support, NCS ensures our service groups exceed your expectations and successfully secure your tomorrow.
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