North Carolina Sample Letter Transmitting UCC-1 Forms for a Loan Closing
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How to fill out Sample Letter Transmitting UCC-1 Forms For A Loan Closing?
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FAQ
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
Effective July 1, 2001, all original UCCs and amended UCCs to be filed in North Carolina will be filed at the Secretary of State's Office in Raleigh, unless the UCC or amendment form indicates that the document is to be filed in the real estate records of the local filing office and meets all requirements of Revised
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
How to complete a UCC1 (Step by Step)Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address.Secured Party Information. Organization or individual's name. Mailing address.Collateral Information. Description of collateral.
By Mail: send the completed form with the processing fee of $40 to the New York State Department of State, Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231.
1 financing statement contains three important pieces of information: Parts 1 and 2 contain the personal and contact information of the borrower. Part 3 contains the personal and contact information of the secured partyotherwise known as the creditor. Part 4 describes the collateral covered in the UCC lien.
Article 9 of the Uniform Commercial Code governs secured transactions. It provides a mechanism whereby a secured creditor can perfect its security interest in the debtor's assets by filing a UCC-1 financing statement. In theory, anyone can file a UCC-1 against anyone else.
3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
