Let’s go over the two different types of liens available to lenders. If they file a UCC 1, it will be for one of these reasons. It’s helpful to know what to anticipate to better understand what is going on if you find a UCC 1 filing placed in public. Lenders do not file these...
A 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 ...
1. Ask the lender to terminate the lien upon payoff When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company’s asset (or assets) and rem...
In simple terms, a UCC Filing is a record of collateralized debt, filed publicly by a lender to your business. UCC stands for “Uniform Commercial Code.” Basically, the UCC itself is a list of laws by which separate state governments have agreed to a single definition of any one requireme...
UCC insurance is a type of protective insurance policy that is used to cover security interests in personal property. The way UCC...
What is a UCC filing? A UCC filing, or UCC lien, is a part of that collection of laws that refers to a kind of temporary claim which a lender may place on certain assets. When you borrow from a lender, they may decide to place a UCC-1 lien on your property and, in exchange, ...
A UCC-1 filing remains in effect forfive years. If the loan is still active, the lender must file aUCC-3 Filing Statement Amendmentat least six monthsbefore the expiration date to continue the filing or it lapses automatically. When the loan is paid in full, the lender files a UCC-3 Fi...
What Does UCC 9-310 Mean? In the context of UCC 9-310, a financing statement is a document that a creditor files to publicly declare their security interest in specific collateral (usually property or assets) that a debtor has used as collateral for a loan or other credit transaction. Thes...
What is the current use of the UCC? What are the hallmarks of a good business code of conduct? Explain the history of the UCC. What is Rule 203 of the Code of Professional Conduct? What are the legislated aspects of the Code of Professional Conduct and how does it apply to tax and ...
A true UCC solution is more than a tool to help business growth. It should evolve with your company and address new challenges as you scale. Make sure your UCC solution offers robust, seamlessly integrated features fitting your requirements while improving your efficiency and productivity. It goes...