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Essentially, a UCC-1 can be described as a financing statement. In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property.
The easiest way to file a financing statement or search UCC records is online. Follow the directions to fill out the form, pay with a credit card, and print your acknowledgement or search report.
Lapsed UCC filing: The filing has passed its effective period and no continuation has been filed. Purged UCC filing: The filing has been removed from the index and is no longer searchable in most state systems.
Filing and search fees Type of filing or searchFeeType of filing or search Financing statements and financing statement amendmentsFee $23Type of filing or search PDF attachmentsFee $1 per equivalent pageType of filing or search Hold-to-reflect a search (Requested on a UCC1 form)Fee $10 per debtor name5 more rows
Fill in the debtor's name and mailing address. It may be an individual, or it may be in the name of a business or organization. If the loan is in the name of the business, include the business mailing address. There is space for additional debtors. Include them exactly as they appeared on the loan agreement.
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.
Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (or assets) and remove the UCC-1 filing.