South Carolina Sample Letter for Instructions to Appointed — LocaCoursese— - UCC-1 Dear [Appointed Local Counsel], I hope this letter finds you well. I am writing to provide you with instructions regarding a UCC-1 filing in South Carolina. The UCC-1 filing is an essential part of securing a creditor's interest in personal property collaterals and is governed by the Uniform Commercial Code (UCC). In order to properly complete the UCC-1 filing, please ensure that you adhere to the following instructions: 1. Gather all necessary information: Obtain accurate details pertaining to the debtor, secured party, and collateral. This information will include names, addresses, and relevant identification numbers. 2. Documentation: Prepare a written security agreement or a promissory note that clearly outlines the terms of the obligation and the property serving as collateral. You should also gather any supporting documentation that validates the secured party's interest in the collateral. 3. UCC-1 Form: Obtain the official UCC-1 form prescribed by the South Carolina Secretary of State or any authorized agency. Ensure that you complete the form accurately, providing all necessary details and checking for any errors. It is crucial to enter the precise collateral description using specific and identifiable terms. 4. Filing Fee: Include the appropriate filing fee with the UCC-1 form. The fee may vary depending on the jurisdiction, so it is essential to check the current fee schedule and include the correct amount. 5. Submission: Submit the completed UCC-1 form, along with the filing fee, to the designated office responsible for UCC filings in South Carolina. The Secretary of State's website or local county offices can provide information on where to submit the filing. It is crucial to ensure compliance with all relevant laws, regulations, and guidelines related to UCC-1 filings in South Carolina. Take note that any errors or inconsistencies in the filing may jeopardize the secured party's rights in the collateral. There may be instances in which different types of South Carolina Sample Letters for Instructions to Appointed — LocaCoursese— - UCC-1 are required, depending on the specific situation. Some possible variations include: 1. Initial UCC-1 Filing: This type of letter is used when filing a UCC-1 for the first time on behalf of a creditor or secured party. 2. UCC-1 Amendment Letter: If any changes or modifications need to be made to an already-filed UCC-1, an amendment letter is required. This letter notifies the appointed local counsel of the required amendments and instructs them on the necessary steps to comply with the changes. 3. UCC-1 Termination Letter: In cases where the obligation is fulfilled, or the collateral is released, a termination letter must be sent to the local counsel. This letter provides instructions to remove the UCC-1 lien from public records. I trust that you will follow these instructions diligently to ensure a successful UCC-1 filing. Should you have any questions or need further clarifications, please do not hesitate to reach out to me. Thank you for your cooperation and prompt attention to this matter. Sincerely, [Your Name] [Your Title/Position] [Your Contact Information]
South Carolina Sample Letter for Instructions to Appointed - Local Counsel - UCC-1
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Uniform Commercial Code Filings - General Information These public notices, called financing statements, indicate a commercial agreement between a debtor and a secured party. Financing statements are filed by banks, mortgage companies, and other lending institutions against secured collateral.
Uniform Commercial Code UCC-1, UCC-3, UCC-5FeeUCC-11Pages 1 and 2 together$8.00Search FeePage 3$2.00Document Request (Each Page)Pages 4 and beyond$1.00Certification Fee (Per Document)3rd Debtor and beyond$2.002 more rows
Example of a UCC-1 Statement Bank XYZ is interested in offering Alex a loan, and as part of the contract, it files a UCC-1. Shortly afterward, Alex's Excavation loses one of its biggest construction contracts, and then another, and the company is forced to file for bankruptcy.
DO: Always use the Debtor's exact Legal Name and Address. The debtor's name should match what is listed on their legal license along with the correct address, or on the most recently filed corporate documents. Include the Lender's Name and Address. Provide a description of the collateral.
Methods to Remove a UCC Filing Ask the lender to terminate the lien upon payoff. Visit your secretary of state's office. Dispute inaccurate information on your business credit reports.
The Secretary of State's Office is the central filing office for financing statements regarding security interests under Revised Article 9 of the Uniform Commercial Code.
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.
"Address" means either (1) a street address, route number (may include box) or P.O. Box number plus the city, state and zip code, or (2) an address that purports to be a mailing address outside the United States of America. "Amendment" means a UCC record that amends the information contained in a financing statement.