UCC Filing
Definition: A public notice, usually a UCC-1 financing statement, that a lender has a security interest in a business's assets.
A UCC filing is a financing statement filed under Article 9 of the Uniform Commercial Code. The UCC-1 names the debtor, the secured party and the collateral; a UCC-3 amends, continues, assigns or terminates it. Filings lapse after five years unless continued.
UCC records are kept by the filing office of the state where the debtor entity was organized, usually the Secretary of State. Searching them is covered state by state in the UCC lien search guide, and how liens fit into vetting a company is in how to verify a business.
Related: Delaware certified UCC searches, Florida lien registry, California bizfile UCC search.
UCC Filing questions
Who can file a UCC financing statement?
A secured party, such as a lender, lessor or seller, with the debtor's authorization, which is usually given in the loan or lease agreement.
How do I remove a UCC filing?
Ask the secured party to file a UCC-3 termination once the debt is paid. If it refuses, the debtor can demand one under UCC section 9-513.
Sources
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