[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP Code] Subject: Transmittal of UCC-1 Forms for Loan Closing Dear [Recipient's Name], I hope this letter finds you well. As per our recent discussion regarding the loan closing process, I am pleased to enclose the necessary UCC-1 forms for your review and execution. These forms are essential for perfecting the security interest of the lender in the state of New Jersey. The UCC-1 (Uniform Commercial Code Financing Statement) is a crucial legal document that establishes the priority of a lender's security interest in personal property, ensuring the lender's rights are protected. In line with New Jersey state regulations, this letter provides an overview of the different types of UCC-1 forms commonly used for loan closings. 1. UCC-1 Financing Statement: This form initiates the filing process and serves as a public notice that the lender has a security interest in the borrower's personal assets. It contains essential details such as the borrower's information, collateral description, and lender's information. 2. UCC-1 Addendum: In some cases, an addendum may be required to provide additional information regarding the collateral, such as serial numbers, specific descriptions, or other necessary details. 3. UCC-1 Continuation Statement: This form is used to extend the effectiveness of a previously filed UCC-1 financing statement. Without this continuation, the filing may expire after a specific period, potentially jeopardizing the lender's priority over other creditors. 4. UCC-1 Termination Statement: When a loan is fully repaid or otherwise terminated, this form is filed to officially release the lender's security interest in the collateral. By filing this termination statement, the lender acknowledges that they no longer claim an interest in the borrower's assets. Please find attached copies of the completed UCC-1 forms for the loan closing along with any applicable addendums. It is essential to review them carefully, ensure accuracy, and sign as required. Additionally, please don't forget to complete any supporting documentation required by your institution. Should you have any questions or require further assistance, please do not hesitate to contact me at [Phone Number] or [Email Address]. I will be available to address any concerns or provide any necessary guidance to expedite the loan closing process. Thank you for your attention to this matter. We value your business and look forward to a successful loan closing. Best regards, [Your Name]