A UCC-1 Financing Statement requires just a few pieces of information. Each state’s UCC paperwork can and likely will be different, however here’s an example of what is required based on New York’s Department of State: Debtor’s name: This can be either an organization (partnership, co...
(3aor3b) 4.COLLATERAL:Thisfinancingstatementcoversthefollowingcollateral: C.SENDACKNOWLEDGMENTTO:(NameandAddress) 6b.Checkonlyifapplicableandcheckonlyonebox: Licensee/Licensor Collateralis5.Checkonlyifapplicableandcheckonlyonebox:heldinaTrust(seeUCC1Ad,item17andInstructions)beingadministeredbyaDecedent’s...
UCCFINANCINGSTATEMENTStateForm50181(5-01)ApprovedbyStateBoardofAccounts,2001THEABOVESPACEISFORFILINGOFFICEUSEONLYFO..
UCC-1 financing statement is valid for five years, after which the creditor will likely file a UCC-3 statement to continue the lien if your loan is not paid off yet. Once your debt is paid, the creditor can also use the UCC-3 statement to terminate the lien and release their interest...
How It Works As an example, say that a lender gives you a loan to construct a storage shed on your property. The lender then files a UCC-1 financing statement with the secretary of state listing you as the debtor and the storage shed as collateral. If you decide to sell the storage ...
433. (A) Overview For example, see General Instruction I.C. to Form S-3. Learn more 9-513. TERMINATION STATEMENT. | US Law (a) [Consumer goods.] A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing ...
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has an interest in the personal property of a delinquent debtor (a person who has not paid back their debt as specified in the agreement creating the ...
So the new information that's provided becomes part of the Financing Statement. And any new name for a debtor, for example, becomes added to the searchable index. So a search under the new name will find that Financing Statement that was originally filed under the old name. A search under...
There are other times though, when a filing officer would reject a filing that is missing attachment pages. Consider for example an instance where a UCC Financing Statement references an attachment, but has nothing at all attached. In this case, it is likely that a filing officer would notice...
Example of a UCC-1 Statement Say a construction company named Alex’s Excavation applies for a business loan to purchase two new hydraulic excavators. Bank XYZ is interested in offering Alex a loan, and as part of the contract, it files a UCC-1. Shortly afterward, Alex’s Excavation loses...