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UCC Filing Requires Perfection for the UCC Redemption Process - Tips For Filing A UCC1 FormBy Christine Harrell Filing a UCC1 form can be tricky business and requires nothing short of perfection or it can end up being filed wrong, thus ineffective, and that is the very last thing anyone would ever want go wrong! This doesn't mean it is impossible. When filing your form (generally with the Secretary of State) to become a secured party creditor, there are several tips to ensure that you are completely covered. Filling Out A UCC1 Form When it comes to listing the debtor's information on the UCC1 form, you want to make sure to file under the exact name and only enter one debtor per line. However the debtor must be spelled in all capital letters and the secured party creditor must be a combination of upper and lower case letters. The secured party creditor and debtor should never have the exact same spelling and formatting. UCC filing also includes an extensive area for the collateral. You want to make sure these are specific as possible. To ensure everything matches up, use the descriptions of the collateral as specific as possible. This also needs to include the correct information and address. Finally, double check to make sure that all of the required information has been filled out completely including your signature. UCC Forms And Agencies One of the biggest mistakes people make is doing their UCC filing with the wrong state or government entity. Before you submit anything, ensure the papers are going to the right departments. This changes depending on where you live in the country because a UCC1 (depending upon the specific process) sometimes needs to be filed at the local government. Check your forms to make sure they are up to date and that they are in fact the proper forms for the intended filing. For example, you would never use a UCC1 to do an amendment filing to a UCC1. Other Things To Remember Rules sometimes change, so be sure to keep up to date and stay aware of any and all changes from time to time; such as that of the Article 9 amendment. Keep as current as possible! Be aware of what is known as a continuation. A continuation statement also needs to be filed before the secured interest expires. For the most part, keep in mind that, generally, the creditor who submits the properly filed paperwork first will hold the claim of the highest priority regardless of how many claims afterwards. UCC filings are mostly difficult because the Uniform Commercial Code states that minor errors are permitted so long as they don't significantly mislead from the truth. Because the actual term 'seriously misleading' has not been specifically defined, it can be interpreted in a number of different ways leaving you unprotected. Follow these tips, have it checked over if you need to, and be diligent in your UCC1 form filing to give yourself the utmost protection. About the author Author is a freelance copywriter. For more information on Ucc Filing and the Redemption Process, visit http://www.redemptionservice.com. |
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