South 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
Accordingly, UCC-1 filings are generally filed as soon as the loan is made.
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.
1 financing statement (an abbreviation for Uniform Commercial Code1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
According to the Uniform Commercial Code, a termination statement is only effective when filed by a party with the authority to do so. Usually this refers to the secured party of record, though in certain situations a debtor can file an authorized termination.
Visit your secretary of state's office. To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.
If the debtor is bound by a security agreement, authorization to file a financing statement is implied. If the debtor is not bound (or not yet bound) by the security agreement, the debtor must authenticate the financing statement.
If you ever find yourself in that frustrating situation the answer is: Yes, you can, providing there is no existing obligation to the lender. This is provided for in Section 9-513 of the Uniform Commercial Code.
No signatures are required if included they will be redacted. No SSN or TIN numbers required if included they will be redacted. Debtor and Secured Party may not appear to be the same.
