Correction Statement used to report inaccurate or wrongly filed records (as designated in the form) on file with the Washington filing office.
Washington UCC5 Correction Statement
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Description
How to fill out Washington UCC5 Correction Statement?
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FAQ
Security interest filings in Washington, DC are filed with the Recorder of Deeds (ROD). If you have a UCC against real property, better known as a fixture filing, this would be filed in the land records of the ROD, while others are found in the chattel records (yes, DC still uses the word chattel).
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
Having a UCC filed on your business credit report can have negative effects in general on your overall credit risk, scoring and other associated risk analysis, (across all three business credit bureaus) and can even kill your chances at getting financing for your business.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
A UCC filing ensures you are a secured creditor and therefore in the best possible position to get paid. In addition, a Purchase Money Security Interest filing provides the priority right of repossession of your inventory or equipment at default or bankruptcy. You define default in your security agreement.
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.
A UCC-Uniform Commercial Code-1 statement is a legal notice filed by creditors in an effort to publicly declare their right to seize assets of debtors who default on loans.These forms must be filed with agencies located in the state where the borrower's business is incorporated.
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).
UCC5 Information Statement Form A UCC5, filed by either the debtor or secured party, is solely intended to 'inform' third parties searching the UCC public records of the following: 'RECORD IS INACCURATE' 'RECORD WAS WRONGFULLY FILED' 'RECORD FILED BY PERSON NOT ENTITLED TO DO SO'