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A UCC filing is the official notice lenders use to indicate that they have a security interest in a borrower's assets or property. 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.
The secured party may assign the rights to some portion or percentage of all the collateral covered by the initial UCC financing statement to another party. (A partial assignment.)
Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (or assets) and remove the UCC-1 filing.
$12.00 per filing. You can send it by mail or bring it in person to 160 East 300 South, P.O. Box number 146705 Salt Lake City UT 84114-6705.
A UCC (Uniform Commercial Code) financing statement is a mortgage or security agreement that uses personal property as collateral. These agreements are recorded in the county if real property is affected.
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.
Our mailing address is 160 East 300 South, P.O. Box 146705, Salt Lake City UT, 84114-6705. Our fax number is 801-530-6438.