UCC filing in Ohio refers to the process of submitting a UCC (Uniform Commercial Code) financing statement to establish a secured interest in personal property. This filing is conducted with the Ohio Secretary of State's office and is important for both lenders and borrowers involved in commercial transactions. The UCC filing creates a public record that notifies interested parties about the existence of a security interest in specific collateral. It helps determine who has a legal claim on certain assets in case of default or bankruptcy. The UCC filing typically includes information about the debtor, secured party, description of collateral, and any other relevant details. In Ohio, there are several types of UCC filings categorized based on their purpose: 1. UCC-1 Financing Statements: This is the most common type of UCC filing and is used to establish a security interest in personal property. It is filed by the lender (secured party) to secure their interest in collateral provided by the borrower (debtor) in exchange for a loan or credit. 2. UCC-3 Amendments: These filings are used to make changes or amendments to the original UCC-1 filing. Amendments may include modifications in the collateral, debtor information, or termination of a prior filing. It is important for parties to file UCC-3 amendments to ensure the accuracy and currency of the UCC filing. 3. UCC-5 Information Statement: This type of filing is used to request a search of existing UCC records or to obtain information about a specific filing. 4. UCC-11 Information Request: Individuals or organizations can file a UCC-11 to request a search on a debtor's UCC records. This helps in determining if there are existing security interests against the debtor's collateral. UCC filings play a crucial role in commercial transactions, as they provide transparency and accountability in securing interests in personal property. Whether you are a lender or a borrower, understanding the different types of UCC filings in Ohio is essential for ensuring compliance with the state's regulations and protecting your interests.
Ucc Filing In Ohio
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How to fill out Ucc Filing In Ohio?
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Through Ohio Business Central, you can file your UCC-1 and UCC-3 statements online, obtain and request publications and search existing filings. If you have further questions regarding corporate filings, please call 877.767. 3453 or email business@OhioSoS.gov.
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.
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.
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.
Through Ohio Business Central, you can file your UCC-1 and UCC-3 statements online, obtain and request publications and search existing filings.