Ensure your business's secured transactions are properly recorded and enforceable.
We prepare and file Uniform Commercial Code (UCC-1) financing statements to protect lenders, lessors, and creditors' interests in collateral.
Common Questions, Clear Answers
A UCC-1 financing statement is a legal form that lenders file to publicly declare their security interest in collateral. It establishes priority if multiple creditors claim the same assets. Filed with the Secretary of State, it protects lenders by giving them a secured interest that can be enforced if the borrower defaults.
UCC-1 filings are effective for 5 years from the filing date. Before expiration, secured parties can file a continuation statement (UCC-3) to extend for another 5 years. If the debt is paid off, the secured party should file a termination statement to release the lien.
UCC filings can cover various personal property including equipment, inventory, accounts receivable, intellectual property, and general business assets. Real estate requires different filings (mortgages/deeds of trust). We'll help you properly describe collateral to ensure adequate protection.
Yes! UCC filings are public records searchable through your Secretary of State's office. Searching is crucial before lending or purchasing assets to identify existing liens. We can conduct UCC searches to help you understand what claims exist against a debtor's property.
