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If you have not filed a UCC-1, then you are considered unsecured, and as such, you are placed in the ?back of the line,? behind the secured creditors. Secured creditors are taken care of first in the division of assets.

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.

Ing to the Uniform Commercial Code, UCC's for a registered business such as a corporation are to be filed in the state where the business filed its organizing paperwork, while UCC's naming an individual as debtor would be filed in the state where the individual holds their primary residence.

The filing is good for five years. The security interest can be continued for five more years by filing a UCC-3. You may also need the UCC-1 Addendum (PDF) or the UCC-1 Additional Party (PDF) form. This form is used to continue a security interest that is going to lapse at the end of five years.

A Uniform Commercial Code filing, also known as a UCC filing, is a document that lenders use to establish their legal right to assets that a borrower uses to secure a loan. This notice allows the lender to seize the borrower's collateral in the case of default.

Uniform Commercial Code Filings - General Information These public notices, called financing statements, indicate a commercial agreement between a debtor and a secured party. Financing statements are filed by banks, mortgage companies, and other lending institutions against secured collateral.