A State-by-State Guide to Litigation Financing Disclosure
New York, N.Y. (December 28, 2020) - Due to the overwhelming response to our earlier alert regarding the process for uncovering litigation funding in New York State, we now share an overview of similar procedures for determining whether a plaintiff has taken out a loan in 12 other states.
Arizona, California, Connecticut, Florida, Illinois, and Oregon have UCC searches similar to New York's, all of which require no sign-in or fee:
- Undoubtedly the most valuable of this list, Arizona’s state website allows an individual to view the filing and does not redact the lien amount, which allows a user to view the unpaid balance, the penalty, the interest, and the total amount of the lien.
- California’s Secretary of State website currently allows free searches for UCC documents filed through December 1, 2020. The information produced on the website includes the debtor name and address, the secured party name and address, the file number, the filing date, and the lapse date.
- Connecticut’s state website discloses the lien type, lien number, debtor information and secured party information, and in certain cases, an individual can view the UCC Financing Statement.
- Florida’s Secured Transaction Registry permits an individual to view the UCC Financing Statement, which provides the debtor's name and address, the secured party’s name and address, and the nature of the collateral.
- Illinois allows a user to perform a non-certified data search on its state website, which provides the filing number, the filing date and time, and the name and address of the debtor, and the secured party
- Oregon allows an individual to search its state website by expanded UCC information search, regular UCC information search, or file number search, and provides the lien type as well as the UCC Financing Statement.
Other states permit searches for UCC filings online, but require a login or charge fees for requested information.
- Iowa, Nevada, Pennsylvania, and Texas require a sign-in or login.
- Texas users may complete a temporary login form to gain access, which allows an individual to perform web inquiries.
- New Jersey’s state website permits a certified or non-certified search, by individual, organization, or filing number.
Delaware is in a category of its own. It provides a list of UCC Authorized Searchers within the state that includes service companies, law firms, and registered agents who have a long-standing relationship with the state and are certified by the Delaware Division of Corporations to perform online UCC filings and searches.
While the procedure for searching UCC filings, and the information available, varies from state to state, any such information can prove extremely valuable in the effort to uncover the role of litigation funding in a particular case.
For more information on this topic, contact the author or editors of this alert.
Kristen Carroll, Associate
Ellen H. Greiper, Partner
Gregory S. Katz, Managing Partner - New York