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Public form
Description Ucc Filing Michigan
UCC1 - Financing Statement - Michigan - For use after July 1, 2001. This form is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws.
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Michigan Ucc Lien Search Interesting Questions
A UCC financing statement is a legal document that serves as a public record of a creditor's security interest in a debtor's property, typically used in commercial transactions.
Filing a UCC financing statement is important as it establishes the priority of a creditor's claim on the debtor's assets in case of default or bankruptcy.
Any creditor who has a security interest in personal property of a debtor located in Michigan should file a UCC financing statement.
Transactions such as loans, leases, sales of goods on credit, or any other transactions where a creditor provides financing in exchange for security interest.
In Michigan, a UCC financing statement is effective for a period of five years from the date of filing.
The filing fee for a UCC financing statement in Michigan is $30 if filed electronically, or $34 if filed on paper.
Yes, a UCC financing statement can be amended or terminated in Michigan by filing the appropriate amendment or termination statement with the Secretary of State.
If a UCC financing statement is not renewed within the expiration period, it becomes ineffective, and the creditor may lose priority over other creditors in case of debtor default.
Certain types of transactions, such as purchases of consumer goods for personal, family, or household purposes, may be exempt from UCC filing requirements in Michigan.
Yes, anyone can search for UCC financing statements filed in Michigan by accessing the public records maintained by the Secretary of State.
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