NCS Blog

Wrap Up for the Week of September 22nd

Here are just a few of the articles that caught our eye this week:

An article via Mondaq: “Florida Construction Liens: An Owner’s Notice Requirement and the "Notice of Commencement"”

Here’s why we shared the article:
The author provides a succinct list of the information required to appear in a Notice of Commencement for the state of Florida, and also reminds readers the purpose for the Notice of Commencement:

“The key function of the Notice of Commencement is to provide the lienor and other third parties with the information they need to prepare necessary notices and related documents under Florida’s mechanic’s lien statutes.”

An article via The National Law Review “Perfection and the New Jurisdiction-Hopping Corporations Re: Corporate Restructuring

Here’s why we shared the article:
“Just as soon as you think you have things figured out, they change.” Confusion: undoubtedly a feeling had by all, particularly with regard to jurisdiction changes and where to file the UCC Financing Statement.

“A bigger problem is presented by the possibility that conversion might not terminate the entity’s corporate status in the converted-out state.  If the entity is simultaneous both a New York and Delaware corporation, then the entity ceases to be a “registered organization.”  … Loss of registered organization status means that the proper filing jurisdiction is determined by the location of the place of business or chief executive office, and not by the state of incorporation.”

An update from Moody's: “US is poised to become largest public-private partnership (P3) market in the world

Here’s why we shared the article:
Public Private Partnerships (“PPP” or “P3”) have been a hot topic this year. More states are partnering with private entities for the improvement to public infrastructure; the costs can be much lower for the public entity and the private entity can profit from their involvement. According to Moody’s “Aided by supportive legislation and public-policy initiatives, more P3 availability-payment projects are reaching financial close or are in procurement than ever before”

NCS Blog

And rounding out the week, we posted a new blog The Art of Drafting a Perfect Security Agreement, providing readers with a quick look at the required contents of a solid Security Agreement.

“OK, but what does “Starry Night” have to do with a Security Agreement and the UCC filing process? Often times, Security Agreements and artistic masterpieces are incomplete. And while an incomplete piece of art may be on display, with no one judging it as “incomplete,” a security agreement does not have the same privilege… A properly perfected security interest through Article 9 of the Uniform Commercial Code is an art form. Make sure all of the required information is included and accurate.”

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