Where do I file my UCC?

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).

What is a UCC-1 financing statement used for?

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.

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New York UCC1 Financing Statement

Bronx New York UCC1 Financing Statement

Name: Bronx New York UCC1 Financing Statement
Brand: US Legal Forms
Rating: 4.6 (261 reviews)

Category:

New York Secretary of State - Uniform Commercial Code

State:

New York

County:

Bronx

Control #:

NY-UCC1

Format:

Instant download

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Description

UCC1 - Financing Statement - New York - For use after July 1, 2001. This form is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws. A Bronx New York UCC1 Financing Statement is a legal document used in commercial transactions to establish a creditor's security interest in collateral. It serves as a public notice to other potential creditors that the secured party has a claim on the specific property or assets mentioned in the statement. UCC1 refers to Article 9 of the Uniform Commercial Code, which governs secured transactions in the United States. The Bronx New York UCC1 Financing Statement includes essential details such as the names and addresses of both the debtor and the secured party, a description of the collateral being used as security, and any necessary amendments or additional information. This document must be filed with the New York Department of State's Division of Corporations, State Records, and Uniform Commercial Code (UCC) Section to be effective. Keywords: Bronx New York, UCC1 Financing Statement, legal document, commercial transactions, creditor's security interest, collateral, public notice, potential creditors, secured party, property, assets, Article 9, Uniform Commercial Code, New York Department of State, Division of Corporations, State Records, UCC Section. Different types of Bronx New York UCC1 Financing Statements might include: 1. Individual Debtor: This type of financing statement is filed when an individual is acting as a debtor and using personal property as collateral. 2. Business Debtor: When a business entity, such as a corporation, partnership, or LLC, is acting as a debtor and using its assets as collateral, this financing statement is used. 3. Assignment: An assignment financing statement is filed when a secured party assigns or transfers its interest in a UCC1 filing to another party. It provides public notice of the new secured party's claim on the collateral. 4. Amendment: Amendments are filed to modify or update information on an existing financing statement. This could include changes to the debtor's name or address, collateral description, or the addition of additional collateral. 5. Termination: A termination financing statement is filed when the debt has been paid off, the collateral has been released, or the UCC1 filing is no longer valid. It removes the public notice of the secured party's interest in the collateral. Keywords: individual debtor, business debtor, assignment, amendment, termination, collateral description, debtor's name, debtor's address, New York Department of State, Division of Corporations, State Records, UCC Section.

A Bronx New York UCC1 Financing Statement is a legal document used in commercial transactions to establish a creditor's security interest in collateral. It serves as a public notice to other potential creditors that the secured party has a claim on the specific property or assets mentioned in the statement. UCC1 refers to Article 9 of the Uniform Commercial Code, which governs secured transactions in the United States. The Bronx New York UCC1 Financing Statement includes essential details such as the names and addresses of both the debtor and the secured party, a description of the collateral being used as security, and any necessary amendments or additional information. This document must be filed with the New York Department of State's Division of Corporations, State Records, and Uniform Commercial Code (UCC) Section to be effective. Keywords: Bronx New York, UCC1 Financing Statement, legal document, commercial transactions, creditor's security interest, collateral, public notice, potential creditors, secured party, property, assets, Article 9, Uniform Commercial Code, New York Department of State, Division of Corporations, State Records, UCC Section. Different types of Bronx New York UCC1 Financing Statements might include: 1. Individual Debtor: This type of financing statement is filed when an individual is acting as a debtor and using personal property as collateral. 2. Business Debtor: When a business entity, such as a corporation, partnership, or LLC, is acting as a debtor and using its assets as collateral, this financing statement is used. 3. Assignment: An assignment financing statement is filed when a secured party assigns or transfers its interest in a UCC1 filing to another party. It provides public notice of the new secured party's claim on the collateral. 4. Amendment: Amendments are filed to modify or update information on an existing financing statement. This could include changes to the debtor's name or address, collateral description, or the addition of additional collateral. 5. Termination: A termination financing statement is filed when the debt has been paid off, the collateral has been released, or the UCC1 filing is no longer valid. It removes the public notice of the secured party's interest in the collateral. Keywords: individual debtor, business debtor, assignment, amendment, termination, collateral description, debtor's name, debtor's address, New York Department of State, Division of Corporations, State Records, UCC Section.

How to fill out Bronx New York UCC1 Financing Statement?

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The second method Article 9 provides for dealing with unauthorized filings involves Section 9-518. This section, entitled ?Claim Concerning Inaccurate or Wrongfully Filed Record?, provides a non-judicial means for a debtor to correct a UCC record that was inaccurate or wrongfully filed.

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.

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).

1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC1 filing has lapsed.

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 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.

How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.

Box 2 ? Termination ? This is a termination of the effectiveness of the financing statement by the secured party. However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed.

Most financing statements have a duration of 5 years before they lapse. Once a financing statement has lapsed, the file number and party names (debtor and secured party) associated with the financing statement remain available in the searchable index for an additional year before being removed.

More info

FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev.

2) — (in millions, except share data) Three Months Ended Six Months Ended April 30, September 30, October 30, November 30, December 31, 2 2 2 2014 REVENUES — Domestic 18,732 10,566 29,852 23,852 47,984 40,092 32,731 39,039 Provision for foreign exchange gain (loss): Foreign 5,865 – 9 9,851 — F-18 Index ALLIANCE DATA SYSTEMS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (CONTINUED) Accounting for Derivative Assets and Liabilities The components of deferred revenues and assets arising from derivatives related to our Counterparty risk management risk exposures are presented below: (in millions) April 30, 2015, December 31, 2015, Derivative asset Accumulated AFS Gross Carrying Value Derivative liability Gross Carrying Value Deferred Revenues by Risk Type: Counterparty risk exposure Foreign currency translation adjustments 5,662 – 9 9,851 — Foreign currency translation adjustments represents the effects of foreign exchange rate movements on certain of our net

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Bronx New York UCC1 Financing Statement

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