Michigan Ucc Filing Fees
Description
How to fill out Michigan UCC1 Financing Statement?
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FAQ
To file a UCC properly, start by gathering essential information about the debtor and secured party. Next, complete the UCC-1 financing statement form accurately. It is crucial to submit the form to the appropriate state office while paying the Michigan UCC filing fees. Using a platform like USLegalForms can simplify this process, ensuring that your filing is accurate and timely.
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.
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.
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.
Legal requirements for the UCC-1 In order for a UCC-1 to hold weight in a legal proceeding, it must include the exact legal name of the debtor, the collateral included in the lien and the name of the secured party.
The Uniform Commercial Code (UCC) online service for customers filing financial statements and liens through the Secretary of State.