Mi Sos Ucc Search For Business
Description
How to fill out Michigan UCC1 Financing Statement?
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FAQ
In Michigan, you file a UCC statement with the Department of State. This can be done online through the Mi SOS website or by submitting a physical form at your local county clerk's office. Filing correctly is crucial to establishing legal rights to the collateral. Remember, the Mi SOS UCC search for business can help you confirm your filings and avoid potential issues.
You must pay off or refinance the debt to eliminate the UCC filing. But in some cases, you may need to take further steps to remove the UCC lien from your credit report. In some cases, you might need to dispute the lien or enlist the help of an attorney to protect your business.
UCC-1 filings do have a shelf life. Once filed, a UCC-1 Financial Statement is typically active for five years. It's common, of course, for the terms of a business loan to extend past that, so lenders need to remember to renew the UCC-1 filing at the first five year mark, and every five years thereafter.
?UCC? stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments. The Uniform Commercial Code is a comprehensive set of statutes created to provide consistency among the states.
(1) Except as otherwise provided in subsections (2), (5), (6), and (7), a filed financing statement is effective for a period of 5 years after the date of filing.