Arkansas Sample Letter Transmitting UCC-1 Forms for a Loan Closing
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FAQ
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
This might be a piece of equipment, a vehicle, property, or even a blanket lien naming all your assets. A UCC-1 protects a lender's interests for five years (unless the lender refiles) and will typically be included on your business credit reports.
How to complete a UCC1 (Step by Step)Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address.Secured Party Information. Organization or individual's name. Mailing address.Collateral Information. Description of collateral.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.
The financing statement is generally filed with the office of the state secretary of state, in the state where the debtor is located - for an individual, the state where the debtor resides, for most kinds of business organizations the state of incorporation or organization.
1 financing statement contains three important pieces of information: Parts 1 and 2 contain the personal and contact information of the borrower. Part 3 contains the personal and contact information of the secured partyotherwise known as the creditor. Part 4 describes the collateral covered in the UCC lien.
3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
By Mail: send the completed form with the processing fee of $40 to the New York State Department of State, Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231.
