What is the purpose of a UCC financing statement?

In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

How do you cancel a UCC?

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.

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Michigan UCC5 Correction Statement

Wayne Michigan UCC5 Correction Statement

Name: Wayne Michigan UCC5 Correction Statement
Brand: US Legal Forms
Rating: 4.55 (406 reviews)

Category:

Michigan Secretary of State - Uniform Commercial Code

State:

Michigan

County:

Wayne

Control #:

MI-UCC5

Format:

Instant download

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Description

Correction Statement used to report inaccurate or wrongly filed records (as designated in the form) on file with the Michigan filing office.

Wayne Michigan UCC5 Correction Statement is a legal document used to correct errors or omissions in a previously filed Uniform Commercial Code (UCC) filing within the state of Michigan. The UCC5 Correction Statement helps to rectify any mistakes made in a UCC1 or UCC3 form filed with the Secretary of State's office. Keywords: Wayne Michigan, UCC5 Correction Statement, legal, document, errors, omissions, Uniform Commercial Code, UCC filing, Michigan Secretary of State. There are various types of Wayne Michigan UCC5 Correction Statements based on the specific corrections required: 1. Typographical Errors: This type of correction statement is used when there are minor typographical mistakes in the original UCC filing. Common errors could include misspelled names, incorrect addresses, or incorrect financing statement numbers. 2. Filing Date Corrections: Sometimes, the original filing date of a UCC document may be incorrect. A separate correction statement is used to rectify this error and ensure accurate record keeping. 3. Collateral Description Modifications: If there are inaccuracies or updates required in the collateral description section of the original UCC filing, a correction statement is utilized to make necessary revisions. This ensures the accurate representation of the secured assets. 4. Debtor Name Changes: In case of debtor name changes due to marriage, divorce, or any other legal reason, a UCC5 Correction Statement is filed to reflect the updated information. This maintains the correct identification of the debtor in the UCC records. 5. Amendment Addendum: A UCC5 Correction Statement can also serve as an Amendment Addendum, allowing additional information or changes to be added to an existing UCC filing without necessitating a complete re-filing of the original document. Overall, the Wayne Michigan UCC5 Correction Statement is a crucial legal document that offers an avenue for individuals or businesses to rectify any inaccuracies, errors, or omissions present in their previously filed UCC forms. By addressing these issues promptly, it ensures the reliability and accuracy of the UCC records filed with the Michigan Secretary of State's office.

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You can find Uniform Commercial Code information on any person or corporation in Michigan or other states by performing a search on the UCC website of the state or territory where the person resides or the corporation is registered.

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.

The UCC-1 Financing Statement is filed to protect a lender's or creditor's security interest by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain debtor.

A uniform commercial code (UCC) filing is a notice registered by a lender when a loan is taken out against a single asset or a group of assets. A UCC filing creates a lien against the collateral a borrower pledges for a business loan. The uniform commercial code is a set of rules governing commercial transactions.

In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

The financial statement serves a similar purpose as recording a deed for real property: registering debt with a state so other creditors and the government can track legitimate security interests in property.

1 financing statement will automatically expire five years after the date of its filing 2.

Where do I terminate a financing statement? Terminate the financing statement in the office that received the original filing, either the Michigan Department of State UCC Office or the County Register of Deeds.

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.

5 is a statement that an error occurred: records an inaccuracy, or wrongfully filed document, or filed by person not entitled to do so. It is not and does not amend any information, so still have to file a UCC3 if need to amend.

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Wayne Michigan UCC5 Correction Statement

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