Ucc1 Filing Michigan Withholding
Description
How to fill out Michigan UCC1 Financing Statement?
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FAQ
The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default. However, in many cases, the terms UCC lien and UCC filing are used interchangeably.
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.
(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.