Our Take: This section dictates that the account debtor (the client or a broker) can request from the assignee (CoreFund) reasonable proof that the assignment has been made (a Notice of Assignment). As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. There was an error trying to send your message. Werner, Erin They deliver factoring services as promised and provide exemplary customer service. Paperwork is submitted easily through email. You save time by having your loan or lease directed to the most appropriate funding source. googletag.pubads().collapseEmptyDivs(); If you would like to try this method you will need to send a demand for UCC termination to CoreFund via registered mail and wait 20 days. We appreciate how complicated this process and situation can get, especially for smaller carriers. This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. Extended hours, including Saturday funding. If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring. Operations: 877-529-6029, We are a proud member of The International Factoring Association, Easy and fast to set up, no up-front costs Full Advance. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. Harris has 20 years of experience in the factoring industry, working in general factoring early in her career and specializing in transportation factoring for the past 17 years. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. His words were they were in the CoreFund building turning on computers as we speak. This will still be a process since they will need to work through hundreds of requests. Our Take: Simply put, if the secured party (CoreFund) is not following the UCC regulations you have the right to file a lawsuit against them for damages incurred due to their failure to comply. The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. There are additional workarounds that can be explored.. }); He said the CoreFund situation is rare in the factoring world. According to court documents, Shim Sacks founded CoreFund Capital in 2014. Several customers have mentioned in their reviews that they have done business with CoreFund Capital for several years and have never experienced a single problem. If you or someone you know needs support, please dont hesitate to reach out. Do you have a story to share? Loss caused by a failure to comply may include loss resulting from the. Do I go ahead and send to CoreFund, or wait? Apply Now! (e) [Statutory damages: noncompliance with specified provisions.]. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. By having access to a Business Finance Consultant you have access to hundreds of funding sources across the United States as well as Canada, Australia and the U.K. Please be careful with those saying they can. First, none of the information below constitutes legal advice, and you should consult an attorney. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. 9466 Georgia Ave, Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. }); FreightWaves Grace Sharkey contributed to this report. (2) if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. Becoming a member of Capital Factory is about more than joining our coworking space - it's about becoming a part of the center of gravity for entrepreneurs in Texas. googletag.enableServices(); 3) No TheTruckersReport.com comments Wait. If you are owed money, we will likely simply reserve our right to seek it later. 3. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. jmedley@spencerfane.com. I Need CDL Training googletag.pubads().collapseEmptyDivs(); More updates coming. Might learn how to keep it from happening going forward and seeing how to maybe get your money. Staffing Agencies. According to court documents, Shim Sacks founded CoreFund Capital in 2014. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. Join Our Community. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. A bank has one program, a Business Finance Consultant has hundreds of programs, available for their clients. Please contact an attorney to help you in the matter if you are affected by this CoreFund shutdown. CoreFund executives have not issued a statement about the factoring companys future. CoreFund Capital, a factoring company based in Weatherford, Texas, went dark the week of July 18, 2022 with no warning or communication to clients or the public. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). Keep in mind however that UCC Section 9-513 Termination Statement limits this ability if the financing statement on the UCC covers accounts and chattel paper. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. On Behalf of Jason M. Medley CoreFund Update googletag.cmd.push(function() { While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. (6) fails to comply with Section 9-616(b)(2). googletag.cmd.push(function() { }); Court-appointed receiver Timothy Hassenger is working on getting hundreds of truckers accounts receivable paid nearly three weeks after a legal feud between brothers regarding the assets of a family trust led to the abrupt shutdown and firing of all employees at CoreFund Capital, a Texas-based factoring company. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); If we can help in any other way, dont hesitate to reach out to our team at Express Freight. These funding sources are monitored daily for the best interest rates and terms available to your business. Before you become an O/O you should take business classes and have atleast 20k in the bank. Get a reliable factoring company that doesn't require contracts or charge hidden fees. The dependable track record of the firm among its clientele is known for its promptness in delivering . Thank you for your message. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. If this process runs as planned, our fees will be very manageable and divided among the group. UCC Filings are a standard part of almost all factoring agreements. The world has enough supply chain problems as it is. 2) No BBB accreditation It will take a little time for the receiver to get into the offices, get access to accounts, etc, but the hard part is over. It is never an easy situation to deal with when something like this happens and people are out of work through no fault of their own. Lesson learned! 9-509. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. As of publication, FreightWaves calls to Jacob Sacks, Shim Sacks and Chris Wakefield, listed as the chief of staff of CoreFund, also had not been returned. The court will consider appointing a receiver. We are in contact with the International Factoring Association, the largest factoring association in the world, and also the association that both CoreFund and we at LoadX Factoring are a part of. They provide factoring services for. is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. A. Unfortunately, this mean that there is no change in the status and no receiver will be appointed by the court yet, however, there will be another hearing on Monday 8/1. Without your consent employers will not be able to contact with job offers, would you like to opt-in now? Except as otherwise provided in Section 9-628: (1) a person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. The brothers cannot disrupt the company while it is in receivership, Buckalew said. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. As former truckers and fleet owners, we understand the . Q. We are also working on getting further guidance from an attorney who specializes in this industry. NO! (a) [Judicial orders concerning noncompliance.]. window.googletag = window.googletag || {cmd: []}; As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. googletag.cmd.push(function() { Alternatively, you may file a termination demand letter with CoreFund. View contacts for CoreFund Capital to access new leads and connect with decision-makers. window.googletag = window.googletag || {cmd: []}; I give my express consent authorizing TruckersReport and its, $10-$20 per advance, available 7 days per week, Free Credit Checks on potential Customers, Quick and Easy Qualifying online application. Ashley DellingerExpress Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com, Ask a question, send us a note we are here for you, and we always respond at the speed of your business. CoreFund Capital - Reviews tout it's a reliable and quality factoring company. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. Unfortunately, there will be a very small number of factoring companies that may try and take advantage of the situation and make claims that are completely not true. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under Section 9-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. There are some possible legal ramifications for the new factor as well. Q. Since Parker County, Texas, District Judge Graham Quisenberry appointed Hassenger as the receiver for CoreFund last week, Hassenger and former employees are back in the office working to reestablish the CoreFund operations., On Friday, Michelle Buckalew, managing director of PR firm Sunwest Communications, said CoreFund is fully operational as Hassenger, along with CoreFund employees, work on addressing customers needs and providing them with cash flow solutions and the level of care and service they deserve.. What if I have invoices that need to be sent in? PH 281.352.6032 CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. By providing your email, you indicate you have read and understood our If youre currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. 4) No RipOffReport.com reports filed Harris has 20 years of experience in the factoring industry, working in general factoring early in her career and specializing in transportation factoring for the past 17 years. In addition to any damages recoverable under subsection (b), the. CoreFund, Inc. offers highly personalized service and help cut through the red tape that is often involved in securing business loans from banks and other lending institutions. (800) 405-5464 Corefund Capital Profile and History CoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. The news about this case is coming out fast and furious, so keep a close eye on it. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. If a secured party fails to comply with a request regarding a list of collateral or a statement of account under Section 9-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. googletag.enableServices(); CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. Ask a question, send us a note we are here for you, and we always respond at the speed of your business. A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if: (1) the secured party of record authorizes the filing; or. In basic terms, UCC stands for Uniform Commercial Code. Each state has its own legal and financial laws, but for businesses that typically operate across state lines, a UCC is a common set of laws that multiple states agree and abide by. Tony Ginevra, director of operations for Florida-based John J. Jerue Truck Broker, works with a network of 50,000 trucking companies, including 140 carriers in his database that factor their receivables through CoreFund Capital. We know this situation has been disastrous for many owner-operators and trucking companies. 9-401. This means that the receiver is able to act on behalf of CoreFund to release the UCC1s and notices of assignment and make payout arrangements, Medley said via email. If you owe money, we will make sure that you agree on that amount and then we will consider making payment into the court registry or their lawyers trust account. The Top 10 Best Freight Factoring Companies. 4 Years Werner, Erin . }); Its unclear why Jacob Sacks created the new trust. Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. Thank you. In CDL School Now As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. We just need them to be allowed to do so.. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 Or call us, Sales: 877-807-3006 1-5 Months Paying wages due is more important than obeying a dispute. Get cash after load delivery Same-day funding via paperwork submission. We are doing everything in our power to restore things back to normal operations however we are currently unable to do so therefore we understand if our clients need to make other arrangements., CoreFund Capital Facebook Post, 7/22/2022 at 1:25pm cst, All, I would suggest you contact OOIDA. She brings with her a very strong background in operation processes, best practices, client retention and has a proven track record as an exceptional leader, Bonnie Castillo, president of CoreFund Capital, said. window.googletag = window.googletag || {cmd: []}; In a status hearing via videoconference on Wednesday with factoring companies, as well as attorneys and truckers, Medley said carriers just want to get back to work even if that means leaving CoreFund for another factoring company. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. This means there is now an entity that (in theory) could issue releases from UCCs and NOAs, though it will likely take days or weeks for them to organize the mess CoreFund left behind. The most common UCC in trucking is a UCC-1 lien. CoreFund Capital is the premier full-service freight bill factoring company in the USA. CoreFund Capital | Weatherford TX Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. Professionally using your Class a CDL within the last thing we want to see do. Some of you may file a termination demand letter with CoreFund for Truckers 1. jmedley @ spencerfane.com > many and! Issued a statement about the factoring world and fleet owners, we will likely simply reserve our right seek. 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