Louisiana UCC1 Financing Statement
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How to fill out Louisiana UCC1 Financing Statement?
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FAQ
To record a UCC in Louisiana, you must submit it to the Office of the Secretary of State. This office maintains all UCC filings for the state, making it easy to find and verify security interests. Recording your Louisiana UCC1 Financing Statement is crucial for establishing your rights as a secured creditor. This secure process protects your financial interests by publicizing your claim.
It should be noted that UCC financing statements filed now generally do not contain a grant of the security interest and generally are not signed or otherwise authenticated by the Debtor and therefore would not satisfy the requirement of a security agreement.
Every U.S. state and the District of Columbia have adopted at least part of the UCC (though it has not been adopted as federal law). Each jurisdiction, however, may make its own modifications (Louisiana has never adopted Article 2), and may organize its version of the UCC differently.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
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.
The price to file a UCC-1 varies in each jurisdiction. Generally, the fee will range from between $10 to $25 per filing. Some states and counties will charge an additional fee for each debtor that is listed on a form.
Lenders can file UCC liens against businesses or individuals. They work on a first-come-first-serve basis, so if there is a default, the first lender to file a UCC lien will have the first rights to that asset.
UCC-1 Financing Statements may be filed with any Louisiana Parish Clerk of Court without regard to the debtor's address, location of the collateral or of any related immovable. Initial Financing Statements can now be submitted to any Louisiana Parish Clerk of Court online through the Secretary of State's website.
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.
In January of 1990, Louisiana adopted the Uniform Commercial Code.