To do that, a lender files aUCC-1 Financing Statementwith their Secretary of State: That UCC-1 then creates a lien against the business entity and one or more of the debtor’s assets to secure the amount the debtor borrowed. A UCC-1 Financing Statement requires just a few pieces of info...
A UCC filing is submitted to the Secretary of State in the state where the borrower is located, regardless of where the creditor is. The lien filing process may vary by state. Some places require a paper filing, while other states have moved to a digital process. ...
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 s...
As with any ordinary lien, lenders must perfect the UCC-1 statement by filing it with the appropriate agency in the state where the debtor company is incorporated. In most cases, UCC-1 statements are filed with the secretary of state’s office, which subsequently time-stamps the document and...
search. And just by virtue of the word "state tax lien," that does not necessarily mean that the state tax lien is filed with the secretary of state. In Tennessee, because I guess I have a little Nashville on my mind, but in Tennessee, state tax liens are filed only at the county ...
The benefits of having a responsive, expert partner Whether you do 100 filings or 100,000, we support you with an expert service team of specialists who understand the legal requirements and administrative procedures of each secretary of state filing and of each jurisdictional filing. ...
the debtor changed its name and it continued to operate under the old name. But it had officially changed its name in the corporate records of the secretary of state. Well, in that case, the court said the lender was unsecured because at the time of filing, the debtor name, it wasn't...
Determine the jurisdiction for filing the UCC-1. A UCC-1 for personal property should be filed with the Secretary of State where the debtor is legally incorporated or organized. A National UCC Financing form is typically accepted by most filing offices. If a UCC-1’s collateral is real prope...
UCS has kept up with all the changes by building a solid UCC team and developing a strong network of filing agents across the country. Whether it’s filing one UCC or thousands or with Secretary of State or the county clerk, UCS provides the expertise and tools to help guide your through...
UCC Searches With respect to each Borrower, UCC searches with the Secretary of State and local filing office of each state where such Borrower maintains its chief executive office, its jurisdiction of organization and/or a place of business or assets; Absence of UCC Financing Statements, Etc Exce...