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UCC-1 filings do have a shelf life. Once filed, a UCC-1 Financial Statement is typically active for five years. It's common, of course, for the terms of a business loan to extend past that, so lenders need to remember to renew the UCC-1 filing at the first five year mark, and every five years thereafter.
The UCC clearly permits a creditor to use successive, timely filed, continuation statements to maintain perfection for an unlimited period of time?all the creditor has to do is keep filing a continuation every five years.
UCC - Frequently Asked Questions - UCC-1 and UCC-3. Most filings last for five (5) years from the date of filing. Filings for a debtor that is a transmitting utility have no expiration date.
To search for Ohio UCC filings: Go to Ohio Business Central: UCC Filing Portal. Enter the financing statement number, debtor name or secured party name and select Search. To view company filings click on View for your company.
"Amendment" means a UCC record that amends the information contained in a financing statement. Amendments include assignments, continuations and terminations.
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.
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.
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.