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The Uniform Commercial Code, which is also called “UCC,” is collection of legal rules regarding many important commercial activities. One of those activities is filing a public notice of a secured transaction. This notice, called a financing statement, indicates a commercial agreement between a debtor and a secured party. All owners of Section 202 or and Section 811 properties must complete the UCC. However, it is a very short form.
Entities that have an interest in a Section 202 and/or Section 811 property must file a UCC as part of the closing process and every five years thereafter. You may also have your Title Company file the UCC.
In addition to filing with the state, the UCC is filed with the County office that holds the county real estate records for the property. Filings for ownership entities are made in the state where the entity is registered. Filings for individuals are made in the state in which the individual resides.
Though the basic required information is the same, states have different procedures for filing a UCC. To find information on the process in the required state, click the button below to find a link to the state’s UCC page. Many states allow you to file the UCC online. All states also allow you to file it via mail.
American Samoa*
*Online forms not available.
North Mariana Islands*
There are two main forms:
You should have a copy of your original UCC-1, from which you may copy the information you need for your renewal UCC-3 or new UCC-1. If you cannot find your original UCC, check online or with your HUD field office representative.
Because all forms are a little different, be sure to carefully read and follow the instructions that are included with your state’s form. There is usually a nominal fee to file that may be paid out of the property’s operating expenses or project funds. You will need to pay the filing fee when you are ready to submit. Submission instructions also vary by jurisdiction. Please read and follow them carefully to ensure that your filing is accepted.
Keep in mind that within 5 years from the original filing date, you must file a UCC-3 continuation statement, which is good for another 5 years. Remember, if you don’t file a UCC-3 within the 5-year period, you will be required to submit another UCC-1. Subsequent continuations may be filed in increments of 5 years and always expire on the anniversary date of the initial filing. A continuation may usually be filed up to 6 months before the expiration date of the financing statement.
How to Complete a UCC Financing Statement
This short video explains how to fill out a UCC financing statement.