Missouri attorney general joins GOP pushback against Biden

UCC Filing and Liens: The Basics

A UCC filing, also referred to as a Uniform Commercial Code filing or UCC-1 filing, is a document that's used to create a lien on a business's assets, such as inventory and equipment. The UCC-1, also known as a financing statement, is typically used by businesses, such as a bank or a lender, to protect their interests in the event that the business defaults on their loan. With the UCC filing, the lender becomes a secured creditor, and should the borrower become insolvent, the secured creditor is paid first. The lien that's created is a legally binding document and remains in effect until all related loans are repaid.

Step-by-Step Guide to Obtaining a UCC Filing

For businesses looking to obtain a UCC filing, the process is relatively straightforward (so long as all the necessary paperwork is in order). Here’s a step-by-step guide to obtaining a UCC filing:

Step 1: Obtain Necessary Documentation

Before the filing can be done, the business must obtain the necessary documents. These documents include the business’s federal tax ID number, the UCC-1 financing statement, the original documents that were dated and signed upon the loan being made, and a list of all collateral that’s being held. This information is necessary in order for the lender and the debtor (the business) to come to an agreement.

Step 2: Fill Out the UCC-1 Filing Form

The UCC-1 form is an important document when it comes to obtaining a UCC filing. This document serves as an agreement between the lender and the borrower and outlines the particulars of the loan and the assets that’ll be used as collateral. Once the form is filled out, it must be submitted to the lender for authorization.

Step 3: Find the Proper State or County Office

After obtaining the necessary documents and filling out the UCC-1 form, the documents must be submitted to the appropriate state or county office for the UCC filing to be considered “active”. This will vary from state to state, so it’s important to do the necessary research to ensure that filings are sent to the right office.

Step 4: Pay the Necessary Filing Fees

Most states will require a fee to be paid in order to officially file the UCC-1. The fees will vary, so it’s important to contact the office where the documents are being filed to find out the specific costs. Once all of the documentation is in order, most states won’t require any additional documentation in order to officially process the UCC filing.

Step 5: Final Signatures and Notarization of the UCC-1

The last step of the process is for the UCC-1 to be signed and notarized by both the lender and the borrower. This must be done in person or via a third party before the documents can be filed. Once the documents are signed and notarized, the documents can be officially submitted to the filing office.

FAQ

Q: Can UCC-1 Filings be Transferred?

Yes, UCC-1 filings can be transferred from one party to another with proper authorization. In order for this to take place, the new party (or parties) must submit a new UCC-1 filing. The UCC-1 filing must be signed and notarized in order to be considered active.

Q: What Happens if a UCC-1 Filing Becomes Unsecured?

If a UCC-1 filing becomes unsecured, it means the debt has been satisfied, and all the parties involved in the loan no longer need to secure the debt with the lien. The UCC filings will remain in effect until all the parties involved in the loan enter into a release of lien or a subordination agreement.

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