Ohio UCC Forms for State: A Comprehensive Overview The state of Ohio implements the Uniform Commercial Code (UCC) forms as a standardized system for regulating commercial transactions. These forms play a crucial role in providing clarity, consistency, and protection to businesses and consumers alike. Whether you're a business owner, lender, debtor, or legal professional, understanding the various types of Ohio UCC forms is essential. This article aims to provide a detailed description of Ohio UCC forms, shedding light on their significance and utilization. 1. Ohio UCC Financing Statement (Form UCC-1): The UCC-1 form is the most common Ohio UCC form. It serves as a public notice, used by a creditor to establish their priority claim on a debtor's assets in a given transaction. By filing a UCC-1, the creditor provides information about themselves, the debtor, and the collateral pledged. This form is vital for lenders seeking protection in case of default or bankruptcy. 2. Ohio UCC Financing Statement Amendment (Form UCC-3): To amend, correct, or extend the information provided in a previously filed UCC-1 form, creditors or debtors can utilize the UCC-3 form. It allows parties to update details such as debtor name changes, collateral amendments, continuation statements, or termination of a UCC filing. 3. Ohio UCC Information Statement (Form UCC-5): The UCC-5 form is used to request or obtain information from the Ohio Secretary of State regarding UCC records. Businesses and individuals may use this form to gather essential data about existing UCC filings, including debtor information, secured parties, collateral descriptions, and UCC-1 or UCC-3 filings on record. 4. Ohio UCC Partial Release (Form UCC-4): When collateral is released or satisfied in part but not entirely, the UCC-4 form is employed. Creditors seeking to acknowledge the satisfaction of specific collateral without terminating the entire financing statement can utilize this form. The UCC-4 highlights the specific collateral being released or satisfied. 5. Ohio UCC Debtor Information Statement (Form UCC-11): The UCC-11 serves as a request form for debtor information. Any party can submit the UCC-11 to the Ohio Secretary of State, seeking a comprehensive report on the details of a specific debtor or a file number. This form allows interested parties to investigate existing UCC records and related information. 6. Ohio UCC Assignment (Form UCC-2): The UCC-2 is used to assign rights of a secured party to another party, often due to a loan transfer or a change in the secured interest. By submitting this form, the assignor transfers their interest in the UCC filing to the assignee, ensuring legal clarity and transparency. It is crucial to note that the Ohio UCC forms mentioned above are subject to periodic updates and revisions by the Ohio Secretary of State. Therefore, it is advisable to consult the state's official website or legal professionals for the most current versions of these forms. In conclusion, the Ohio UCC forms are essential tools in facilitating and regulating commercial transactions within the state. With various forms catering to different transactional aspects such as filings, amendments, releases, assignments, and information requests, businesses and individuals can ensure legal compliance, protect their interests, and maintain transparency in their dealings.
Ohio Ucc Forms For State
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Entities that have an interest in a Section 202 and/or Section 811 property must file a UCC as part of the closing process and every five years thereafter. You may also have your Title Company file the UCC.
However, you may extend a UCC-1 filing before the end of the five-year period. You have the opportunity to file a continuation statement. You must file this continuation statement within six months before the initial filing's lapse date or expiration.
Through Ohio Business Central, you can file your UCC-1 and UCC-3 statements online, obtain and request publications and search existing filings. If you have further questions regarding corporate filings, please call 877.767. 3453 or email business@OhioSoS.gov.
The Uniform Commercial Code (UCC) was adopted by the Ohio General Assembly in 1961 and became effective in 1962.
Quick Facts: UCC Financing statement is a form that a creditor files to give notice that it has an interest in the personal property of a debtor. It is typically filed by a bank, not an entrepreneur. A free hard copy PDF of UCC filings can be found at (opens in a new window).