SOURCE: CT Lien Solutions

CT Lien Solutions

February 02, 2012 09:33 ET

CT Lien Solutions Launches Its Recurring Search System

First Due Diligence System to Offer Automation for Tracking and Sharing Historical Findings, Including Presence of Federal Tax Liens

NEW YORK, NY--(Marketwire - Feb 2, 2012) - CT Lien Solutions, the most comprehensive provider of lien management, debtor due diligence, and life-of-loan risk management solutions to asset-based and other lending professionals, has launched the Recurring Search System. The system will help factors and other asset-based lenders (ABLs) mitigate risk through routine recurring due diligence. The system allows lenders to quickly take action in response to liens and other threats. Its features can potentially save lenders weeks' worth of work each month in managing recurring due diligence. CT Lien Solutions is part of Wolters Kluwer Corporate Legal Services.

Staying alerted to federal tax liens is important to lenders because should the IRS file a federal tax lien on a lender's client, the lender's priority position lasts only 45 days from the date the IRS filed -- or until the date the lender becomes aware of the federal tax lien (the earlier of the two). When revolving lines of credit are being issued, this means that without knowledge of the federal tax lien, credit is likely being extended for which the lender does not have priority position. If the lender is aware of the existence of the lien, it can take appropriate action, such as halting additional extensions of credit.

"Customers want to immediately be alerted to events such as federal tax liens that may threaten priority or perfection post-closing," said Gene Lasky, general manager, CT Lien Solutions. "The Recurring Search System eliminates the need to comb through emails and documents to find information -- the system quickly and accurately provides the needed knowledge, and streamlines the process and results to save our customers time."

Recurring searches have historically been time-consuming for lenders to manage, but with the Recurring Search System, CT Lien Solutions will be the first to offer automated functionality for reviewing, tracking and sharing historical findings from recurring due diligence. A key enhancement to the system is an automated dashboard report that:

  • Isolates results from searches that uncovered liens from those that didn't.
  • Shows all the data customers need to identify and track adverse events such as federal tax and other liens over time.
  • Provides direct access to images of any listed findings over the historical period at a single click, without logging in.

The Recurring Search System is one component of a full suite of due diligence services offered by CT Lien Solutions.

About CT Lien Solutions
Providing comprehensive lien management, debtor due diligence and monitoring and risk management solutions, CT Lien Solutions partners with lenders, law firms and corporations to protect and optimize their security interests. CT Lien Solutions is a pioneer in lien lifecycle management processes, enabling more secured transactions than any other company in the United States. CT Lien Solutions delivers unmatched industry expertise, a full spectrum of products and outsourced services and a profound commitment to a personalized customer experience. CT Lien Solutions is part of Wolters Kluwer Corporate Legal Services, the professional's first choice for legal compliance services and performance management solutions for nearly 120 years. For more information, visit the CT Lien Solutions website or blog or follow @CTLienSolutions on Twitter.

About Wolters Kluwer Corporate Legal Services
Wolters Kluwer Corporate Legal Services is the leader in legal process and business performance management. It delivers the people, products and processes to drive transparency, ensure accountability and provide organized, accurate and actionable information for legal, financial and insurance professionals. CLS's business brands -- CT Corporation, NRAI, BizFilings, Corsearch, CT Lien Solutions and TyMetrix -- empower organizations to make better business decisions and be more efficient in today's highly transparent business environment.

Wolters Kluwer Corporate Legal Services is a business of Wolters Kluwer, a market-leading global information services company. Wolters Kluwer has 2010 annual revenues of EUR 3.6 billion ($4.7 billion), employs approximately 19,000 people worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Visit www.wolterskluwer.com.

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