Add Comments To Legal New York UCC Forms For Free

By Mail: send the completed form with the processing fee of $40 to the New York State Department of State, Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231.

To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.

New York State's Uniform Commercial Code (?UCC?) guides the sale of commercial business transactions, including the sale of goods between parties. Article 9 of the UCC governs transactions that combine a debt with a creditor's interest in a debtor's personal property.

1. 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.

Fill in the debtor's name and mailing address. It may be an individual, or it may be in the name of a business or organization. If the loan is in the name of the business, include the business mailing address. There is space for additional debtors. Include them exactly as they appeared on the loan agreement.

Most financing statements have a duration of 5 years before they lapse. Once a financing statement has lapsed, the file number and party names (debtor and secured party) associated with the financing statement remain available in the searchable index for an additional year before being removed.