A UCC filing is the official notice that lenders use to demonstrate their security interest in a borrower’s assets.
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.What is the impact of a...
What is a UCC filing? A UCC filing, also known as a UCC lien or a UCC-1, is a financing statement which lenders can file against your business with your secretary of state. When you take out a secured loan, the lender may file a lien to protect the asset(s) you committed to secu...
The Universal Commercial Code exists to protect those involved in business transactions by setting forth legal precedents. In some cases, a business may file a UCC 1 before making a deal with a borrower. What is the definition of a UCC 1 filing, and what does it mean? A UCC 1 Filing is...
A UCC filing is a public record signifying that there is an active UCC lien on your business assets. When you take out a small business loan that uses a UCC lien as collateral, your business lender will create a UCC filing with the secretary of state where you live. ...
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 Is a UCC-3? A UCC-3 is used to amend the original lien filing and terminate the UCC, edit the details of the lien, or assign interests to another secured party for the lien. How Can a Business Remove a UCC Filing? While rules vary by state, businesses can ask the lender to ...
where a wet signature must be executed in front of a notary. In most cases, the authenticity of the involved parties' signatures is further confirmed by the signature of witnesses. By ensuring the signers' and witnesses' physical presence, wet signatures can eliminate doubts regarding the validity...
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...