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Our online search ( ) displays summary information about a financing statement (debtors, secured parties, dates). Information Requests (UCC11) can now be submitted online and as soon as payment is complete, you are able to retrieve a . pdf file of the images.
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.
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.
(T.C.A. § 47-9-525). The fee for UCC filings remains $15 plus 50 cents per page for each page over 10 pages. Also, the Register may charge $15 for each name more than one required to be indexed.
How long does a UCC filing last? A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC-1 filing has lapsed.
Lapsed UCC filing: The filing has passed its effective period and no continuation has been filed. Purged UCC filing: The filing has been removed from the index and is no longer searchable in most state systems.
A UCC financing statement is effective for a period of five (5) years. A financing statement lapses or terminates at the end of the five-year period. A continuation statement can be filed to extend the lapse date if it is filed within six (6) months before the security interest expires.
It's possible to avoid a UCC filing by taking out an unsecured business loan rather than a secured one. For example, many online and alternative lenders offer unsecured loans, and you can get an SBA 7(a) loan of up to $25,000 without collateral.