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Here are the steps to follow after obtaining the form you require: Thoroughly review the document to ensure it is the correct one and matches the regulations in your state or county.
The Debtor must send an authenticated demand to the secured party. the demand must be sent to the name and address of the secured party found on the financing statement. the secured party has 20 days to either terminate the filing or send a termination statement to the debtor for the debtor to file.
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.
The scam mailer, Tennessee UCC Statement Request Form, tries to get Tennesseans to pay $107 for the TN UCC Statement Service to request a copy of the UCC-1 financing statement on behalf of the debtor. The mailer implies that the recipient needs a copy of the UCC-1 financing statement.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
The main purpose of a UCC is to perfect the secured interest of the secured party in personal property collateral. The UCC financing statement is a form that a creditor files to give notice that it has an interest in the personal property of a debtor. A bank, not an entrepreneur, typically files the statement.