Daily News: November 19, 2012

NACM Adds Secured Transaction Svs Division to UCC Filing Services

Security interests under Article 9 of the Uniform Commercial Code (UCC) are now a part of the coverage offered by the National Association of Credit Management’s (NACM’s) Secured Transaction Services division. The new and existing filing services provide the means to mitigate the risk of debtor nonpayment for businesses that sell or finance various types of personal property under Article 9, as well as those that provide labor, materials and other services.

MLBS was the first such filing service offered to NACM members and the business community. Launched in 2007, it has become a world-class provider of notice, lien and bond claim services to those furnishing labor or materials to construction projects and other applicable business activities as determined by state law.

The UCC Filing Services, which went live online during the week of November 12, is a comprehensive system that handles every part of the financing statement life cycle under the Uniform Commercial Code. A perfected UCC statement enables a previously unsecured creditor to move up in the line of rights, resulting in a significantly higher likelihood of getting paid upon a debtor