Subject: Request for Expedited Processing — Transmittal of UCC-1 Forms for Loan Closing Dear [Lender's Name], I hope this email finds you well. As our upcoming loan closing date is fast approaching, I am writing to transmit the UCC-1 forms in accordance with the requirements outlined in our loan agreement. The purpose of this letter is to provide the necessary documentation to perfect and secure the loan collateral as per the Uniform Commercial Code (UCC) Article 9 provisions. Enclosed, you will find the UCC-1 Financing Statements and related supporting documents for your review and filing with the appropriate government authorities. To ensure a smooth and efficient loan closing process, we kindly request your assistance in promptly reviewing and filing these UCC-1 forms with the relevant authorities in New York State. As time is of the essence, we would greatly appreciate if you could expedite the processing to ensure the timely perfection of our collateral. The enclosed package includes the following UCC-1 forms: 1. **UCC-1 Financing Statement — General** This form is filed to establish a creditor's security interest in specified collateral of the borrower. It provides necessary information such as names and addresses of the debtor and secured party, collateral description, and other pertinent details. 2. **UCC-1 Financing Statement — Assignment** If applicable, this form is utilized to reflect an assignment or transfer of the secured party's interest in the borrower's collateral. It provides details about the assignor and assignee, collateral description, and assignor's original UCC-1 filing information. 3. **UCC-1 Financing Statement — Amendment** This form is employed to amend an existing UCC-1 filing, updating the information previously provided. It may include changes in debtor's name, secured party's information, collateral description, or other relevant modifications. Please thoroughly review the enclosed forms to ensure all details are accurately captured, as any errors or omissions may result in complications during the realization of our security interest. Once the filing process is complete, we kindly request a copy of the stamped UCC-1 forms along with any related filing receipts or acknowledgment for our records. If you require any further information or assistance regarding this matter, please do not hesitate to contact me directly at [Your Contact Information]. We highly value our relationship and appreciate your prompt attention to this UCC-1 form transmittal. Thank you for your cooperation, and we look forward to a successful loan closing. Sincerely, [Your Name] [Your Title/Position] [Your Company Name] [Your Contact Information]
New York 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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The financing statement is generally filed with the office of the state secretary of state, in the state where the debtor is located - for an individual, the state where the debtor resides, for most kinds of business organizations the state of incorporation or organization.
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.
For a security interest to attach, the following events must have occurred: (A) value must have been given by the Secured Party; (B) the Debtor must have rights in the collateral; and (C) the Secured Party must have been granted a security interest in the 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.
The financing statement is generally filed with the office of the state secretary of state, in the state where the debtor is located - for an individual, the state where the debtor resides, for most kinds of business organizations the state of incorporation or organization.
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.
Although Article 9 was intended to make this process uniform, UCC filing rules can vary in each state.Pay attention to detail in debtor name requirements.Decide where to file UCC financing statements by location of the debtor.Allow ample filing time depending on jurisdiction.Ensure all relevant records are uncovered.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.
