New Jersey Sample Letter Transmitting UCC-1 Forms for a Loan Closing
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How to fill out Sample Letter Transmitting UCC-1 Forms For A Loan Closing?
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FAQ
Addresses. Technically, a correct address is not required for a financing statement to be effective. However, a filing office can (and usually will) reject financing statement without addresses for the Debtor or the Secured Party as allowed under Section 9-516(b)(4) and (5).
Visit your secretary of state's office. To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.
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.
No signatures are required if included they will be redacted. No SSN or TIN numbers required if included they will be redacted. Debtor and Secured Party may not appear to be the same.
If the debtor is bound by a security agreement, authorization to file a financing statement is implied. If the debtor is not bound (or not yet bound) by the security agreement, the debtor must authenticate the financing statement.
When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.
Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
UCC filings in New Jersey go through the New Jersey Department of the Treasury's Division of Revenue and Enterprise Services.
A4. For UCC and EFS, a termination creates a public record that a loan was repaid, a lien was removed, or some other obligation was met. The records will remain in our system until two years after they lapse.
(b) An EFS may be filed electronically provided a State allows electronic filing of financing statements without the signature of the debtor under applicable State law under provisions of the Uniform Commercial Code or may be a paper document.
