Mi Sos Ucc Search With Secretary Of State
Description
How to fill out Michigan UCC1 Financing Statement?
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FAQ
A UCC should be filed with the Secretary of State in the state where the debtor is located. This filing ensures that your security interest is publicly recorded, giving you the legal backing you need. If you are looking to conduct a MI SOS UCC search with the Secretary of State for Michigan, accessing their online database can simplify this process significantly.
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.
A Uniform Commercial Code filing, also known as a UCC filing, is a document that lenders use to establish their legal right to assets that a borrower uses to secure a loan. This notice allows the lender to seize the borrower's collateral in the case of default.
(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.
The Uniform Commercial Code (UCC) online service for customers filing financial statements and liens through the Secretary of State.
An Example of a UCC Lien Filing If you secure equipment financing, the lender will file a UCC lien to state that if the debt for the espresso machine is not repaid, the lender has the right to repossess the espresso machine or seize other assets from your business.