Iowa UCC 1 is a form used to file a financing statement with the Iowa Secretary of State. It is used to protect a creditor's interest in the personal property of a debtor. Instructions for filing a UCC 1 financing statement in Iowa can be found on the Iowa Secretary of State's website. There are two types of Iowa UCC 1 and Instructions: UCC 1 for filing a financing statement and UCC 1-A for filing a continuation statement. Both forms require the filer to provide information such as the creditor's name and address, the debtor's name and address, the collateral being secured, and the filing fee. Additional instructions include where to file the form, how to check the status of the filing, and how to amend or terminate a record.
Iowa UCC 1 and Instructions
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UCC 1 and Instructions
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The Recorders Office maintains and retrieves liens for real estate only. All other UCC filings are handled through the Iowa Secretary of State. You may contact them at 515-281-5204.
The fee is $10.00 for one or two pages, or $20.00 for more than two pages.
In general, a UCC filing is not bad for your business ? it simply serves as an official notice to other creditors that your lender has a security interest in one or all of your assets. However, UCC filings can impact your business credit, risk your company's assets and/or hinder your ability to get future financing.
How do I file a UCC-1? First, go to drop-down menu will appear.From here, you will be redirected to the ?UCC1? page.Next, you will fill out the ?Debtor's Name? information.Next, you will fill out the ?Secured Party's Name? information.
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.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.