CT Lien Solutions Launches Its Recurring Search System
CT Lien Solutions, a provider of lien management, debtor due diligence and life-of-loan risk management solutions to asset-based and other lending professionals, has launched the Recurring Search System. The system will help factors and other asset-based lenders (ABLs) mitigate risk through routine recurring due diligence. The system allows lenders to quickly take action in response to liens and other threats. Its features can potentially save lenders weeks’ worth of work each month in managing recurring due diligence. CT Lien Solutions is part of Wolters Kluwer Corporate Legal Services.
Staying alerted to federal tax liens is important to lenders because should the IRS file a federal tax lien on a lender’s client, the lender’s priority position lasts only 45 days from the date the IRS filed — or until the date the lender becomes aware of the federal tax lien (the earlier of the two). When revolving lines of credit are being issued, this means that without knowledge of the federal tax lien, credit is likely being extended for which the lender does not have priority position. If the lender is aware of the existence of the lien, it can take appropriate action, such as halting additional extensions of credit.
“Customers want to immediately be alerted to events such as federal tax liens that may threaten priority or perfection post-closing,” said Gene Lasky, general manager, CT Lien Solutions. “The Recurring Search System eliminates the need to comb through emails and documents to find information — the system quickly and accurately provides the needed knowledge, and streamlines the process and results to save our customers time.”
Recurring searches have historically been time-consuming for lenders to manage, but with the Recurring Search System, CT Lien Solutions will offer automated functionality for reviewing, tracking and sharing historical findings from recurring due diligence. A key enhancement to the system is an automated dashboard report that: