Split Legal Kansas UCC Forms For Free

UCC COST LIST DescriptionStaffOnlineUCC Misc Filing$20.00N/AUCC-3 Regular Amendment$20.00$10.00UCC-3 Secured Party Change$20.00$10.00UCC-3 Filing Termination$20.00$5.0023 more rows

Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (or assets) and remove the UCC-1 filing.

Having multiple UCC filings on your business credit report can have negative effects in general on your overall credit risk, scoring and other associated risk analysis, (across all three business credit bureaus) and can even kill your chances at getting financing for your business.

If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made. The first UCC-1 filer holds a first-position lien, the second filer has a second-position lien and so forth.

Most lenders will require UCC-1 filings and collateral to secure their loans, and you don't want to spread your assets across multiple lenders. In the event you can't repay your loans, lenders could seize a significant portion of your personal and business assets.

The UCC clearly permits a creditor to use successive, timely filed, continuation statements to maintain perfection for an unlimited period of time?all the creditor has to do is keep filing a continuation every five years.