WHITE PAPER: SECURED PARTY REPRESENTATIVE SERVICES (SPRS)
Uniform Commercial Code (UCC) security interests offer significant benefits, like reducing risks for lenders if a debtor defaults.
However, the security interest also has a downside. To perfect its security interest, the lender normally must file a UCC financing statement thereby putting its customer list into the public domain for competitors to see.
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In highly-competitive lending markets like factoring, non-bank lending, and merchant cash advance, competitors will nefariously use this information to target your customer lists.
In this new white paper, Paul Hodnefield, CSC® associate general counsel, discusses:
Challenges lenders face when putting their information in the public record
What tactics lenders have used to prevent competitive losses
Solutions that balance preventing use of the public records for sales solicitations with due diligence search requirements