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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).
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.
Filing a UCC-1 statement allows creditors to collateralize or ?secure? their loan by utilizing the personal property assets of their customers. In the event of a customer defaulting on their loan or filing for bankruptcy, a UCC-1 elevates the lender's status to a secured creditor, ensuring that it will be paid.
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.
The purpose of filing a financing statement is to ?perfect? an interest in collateral involved in a secured transaction (it is a means by which a lender may protect its right to collateral that a debtor has used to secure a loan). A financing statement places a lien on personal property.
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.
File online, search UCC records, or review administrative rules. The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law.
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.