Highlight In Legal Idaho UCC Forms For Free

A UCC filing is the official notice lenders use to indicate that they have a security interest in a borrower's assets or property. The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default.

NJ Revenue The UCC system gives public notice of the debtor-secured party relationship and the collateral involved. To record this relationship, you will file a UCC Financing Statement (Form UCC-1). If the conditions change, you may amend the initial filing statement by submitting Form UCC-3.

An Example of a UCC Lien Filing If you secure equipment financing, the lender will file a UCC lien to state that if the debt for the espresso machine is not repaid, the lender has the right to repossess the espresso machine or seize other assets from your business.

A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

Filing fees for all other types of liens: UCC-1F farm products financing statement or UCC-3F continuation, assignment or amendment$10.00SL-1 notice of claim of lien in crops or an SL-3 extension of notice$4.00C-1 notice of lien on agricultural products$5.00C-2 notice of discharge of lien on agricultural productsNo fee2 more rows