North Carolina Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan

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A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.

How to fill out Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?

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FAQ

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 After five years, it is considered lapsed and no longer valid.

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.

If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.

A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.

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.

A fixture filing is a UCC-1 financing statement authorized and made in ance with the UCC adopted in the state in which the related real property is located. It covers property that is, or will be, affixed to improvements to such real property.

If the borrower defaults on the loan, the lender has a legally recognized priority claim to the collateral over other creditors. Once the loan is paid off, the lender should file a UCC-3 termination statement. This removes the UCC lien and indicates that the lender no longer has an interest in the collateral.

All other UCC's will be filed in the Office of the NC Dept of the Secretary of State, Uniform Commercial Code Section, PO Box 29622, Raleigh, NC 27626-0622. The UCC-1 is a form used in an initial filing of a financing statement.

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North Carolina Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan