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Its not recommended. You should sign the security agreement and have it notarized prior to filing your ucc 1
The question is unclear. If a security agreement is not completed and signed by the debtor, their is no security and a UCC alone will not. If you know/believe there was a security agreement signed and cannot locate or get access to it: a UCC-1 that has the "stamp" or other certification on it that the Secretary of State "recorded" the UCC-1, then the creditor indeed has a security interest. You can call the Sec'y of State and ask the procedure for filing a UCC-1. The process of doing so, and receiveing a copy back with the recording information on it, is called "perfecting a security interest". The office can also tell you how to do a search, and the cost, to find out if the UCC-1 was recorded, and the cost of getting a copy. This is all public information, in fact, the act of filing the UCC-1 in this "public" manner is part of the legal requirement of perfecting. In additon to talking with the office of the Sec'y of State, you can learn more, including the extent this is accurate in the state in question, by talking with business lawyers and bank loan officers. Check the legal section of book stores too, many have a department with books on variuos aspects of the law, including how to create a security interest.
Where do we send UCC-1 claims from Saskatchewan, Canada. What state will it take? File in Canada in your province of jurisdiction, a Personal Property Security Agreement ("PPSA") which is similar to Article 9 of the US Uniform Commercial Code (the "UCC")
An associate has filed UCC-1 Financing Statement against the state of Colorado. The associate has informed me that his UCC-1 Financing Statement has matured into securities. My question is two part: A) Is that possible? B) Can that security be sold through a broker in this or any other country?
It is best to seek advice from your lawyer. You can regain control in mots of the cases.
UCC-1 stands for Uniform Commercial Code Form 1. It is a notice to the world that one person claims that it has an interest in someone else's property, usually as collateral for a debt. It is normally filed in the office of the Secretary of State in the state where the debtor/borrower is located. In most cases, located means the state of incorporation for corporations, the state of creation for limited liability companies and other entities, and the state of residence for individuals. There must be an agreement, called a security agreement, that actually grants a security interest and defines the terms of any deal. The security agreement and the UCC-1 combined are like a mortgage on real estate. The mortgage is both the notice and the agreement for real estate, while for personal property the notice and the agreement are separate. The importance of the UCC-1 to the secured party and other lenders/creditors is the first in time, first in line priority. A UCC-1 notifies others of outstanding debt such as security agreement, summary judgment lien, commercial or maritime lien and so forth. Collateral items may be listed directly. Property, real and personal property, can be involved. All of this is for the protection of the secured party and allows other possible lenders/creditors to be aware of outstanding unpaid debt that would stand in line for collection of any new debt. The common belief, "It applies to personal property, not real estate," is wrong. One needs look no further that the form itself to see "Real Estate" mentioned three times in the form and four times in the instructions. There need not be a previous defaulted note on personal property to utilize the UCC-1 notice.
5 years from the date of recording. (6 years in Arizona)
what is UCC 1-103 1-308
Its a ucc-1 financing statement... the secret is in the u UNIVERSAL.
A UCC-1 financing statement 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. It is typically used by lenders to establish priority in case the debtor defaults or goes bankrupt.
UCC-1 financing statements expire in five years, unless renewed.
UCC-1 financing statements expire in five years, unless renewed.