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The purpose of a UCC financing statement (Form UCC-1) is for creditors to notify debtors that they have a security interest in their personal or business assets. These assets serve as collateral should a debtor default on a loan or file for bankruptcy.
Generally, the debtor must first make a formal (or authenticated) demand to the secured party of record to terminate the UCC-1. This process involves sending a signed written request to the secured party of record demanding for said party to file a UCC-3 termination statement.
1. 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.
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.
The reasoning for indexing the federal tax liens with the UCC-1 filings has to do with a potential bankruptcy filing by the debtor/taxpayer. In most cases, there will be an issue of which lien takes priority in the bankruptcy case. The date of filing with the secretary of state usually decides the issue of priority.
Here are six steps to write a letter of instruction: Create a header. Before you write the content of the letter, create a header at the top left-hand corner of the document. ... Address the reader. ... Explain the project or task. ... List each step. ... Conclude your letter. ... Revise the document.