Internal
Clear communication between AR, Collector, BTA, and Legal improves this aspect of teamwork.
What is cross-role collaboration?
This legal framework governs secured transactions in all 50 U.S. states.
What is the Uniform Commercial Code?
This is what we do when we receive a C+D letter from another funder.
What is continue as normal, but don't have ARs remit?
AR department must avoid revealing this to other funders during negotiations.
What is our internal processes or methods?
This document is to prove that CT Corp has filed the lien on our behalf.
What is an SPRS letter?
This element of a good internal handoff ensures the receiving person understands the context right away.
What is a clear summary of the situation?
This type of UCC filing serves as a public notice that a lender has a lien on a debtor’s property.
What is a UCC-1 Financing Statement?
If we have priority over the other funders that are enforcing the lien, this is our approach to the available funds.
What is we take all the money; we don’t split?
This document protects the payor from liability if they comply with the lienholder’s instructions.
What is an Indemnification agreement?
Before following up, AR should always check this to avoid duplicate efforts or mistakes.
What is the AR history or previous communications?
This skill goes beyond following a script and involves thinking through exceptions.
What is critical thinking?
A UCC-1 is valid for this many years unless it is terminated, amended, or extended.
What is five years?
If a lien is not properly filed with the Secretary of State, it is considered this.
What is unperfected?
These two types of payments are not covered under most UCC liens on receivables.
What are healthcare receivables and government aid payments?
If a bank account is bel. ex. it must belong to this.
What is the Individual Guarantor?
Grouping similar tasks together, like sending all emails at once, is known as this productivity strategy.
What is batching?
These types of liens can have priority over our UCC-1, even if we filed first.
What are tax liens, mechanics’ liens, or certain statutory liens?
This document can be filed to terminate a lien once payment is made in full.
What is UCC 3?
When an account debtor acknowledges the lien but keeps paying the merchant, you should do this.
What is legal escalation?
If we do not have priority and the offer is less than 50/50, AR must do this before proceeding.
What is get confirmation from management?
When a task is low-impact, this tendency should be avoided to save time.
What is perfectionism?
This filing is used to clarify or dispute an existing UCC record without amending its legal effect.
What is a UCC-5 Information Statement?
If the business operates in multiple states, the lien should be filed in this state in order for it to be considered perfected.
What is state of organization?
In tough conversations, this approach helps prevent escalation and keeps the discussion professional.
What is staying calm and unemotional?
The term “secured party” sounds fancy, but it basically means this.
What is the lender or creditor who has a legal claim on the debtor’s assets?