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However, you may extend a UCC-1 filing before the end of the five-year period. You have the opportunity to file a continuation statement. You must file this continuation statement within six months before the initial filing's lapse date or expiration.
In addition to filing with the state, the UCC is filed with the County office that holds the county real estate records for the property. Filings for ownership entities are made in the state where the entity is registered. Filings for individuals are made in the state in which the individual resides.
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.
How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
You can file UCC Financing Statement and UCC Financing Statement Amendments through our PennFile website. Please note that you cannot upload attachments for online UCC filings. Should your UCC filing require an attachment then your financing statement would need to be submitted via paper.
Pennsylvania has adopted the following Articles of the UCC: Article 3: Negotiable instruments: UCC Article 3 applies to negotiable instruments.
A rule of thumb when filing a UCC record is to file at the central filing office of the state where the debtor is located. However, there are exceptions, such as when the UCC records is filed as a fixture filing. It's important to keep state filing turnaround times in mind when you're filing a UCC record.
The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default. However, in many cases, the terms UCC lien and UCC filing are used interchangeably.