Special Sub-Topic: UCC Filings (U.S.) Click Here To Play: UCC Filings (U.S.)

What code was revised in 2001 to no longer require signatures?

Article 9. Per revised Article 9 as of 7-1-01 signatures are no longer required to file a UCC statement, nor to terminate one. This also started the inclusion of terminations in any search results in case any filings had been incorrectly terminated.

What information should be left off of all filings due to the increased awareness of Identity theft?

Social Security Numbers. Social Security Numbers should always be kept private, you should never put them on anything that can be accessible to the public. UCCs are public information, anyone can get a copy of them.

UCCs are filed to secure a lien against a person or a company.

True. In box 8 (or the collateral section), the loaner specifies what the filing is securing against the borrower. Most of the time, this is legal wording and is difficult to understand unless you are an attorney or paralegal.

Who can file a UCC?

Anyone. Having worked with these for years now, I have come across some strange filings where people secure their own name, address, drivers license number, bank account numbers, etc. Again this is a really bad idea because anyone can access this information.

Can you find out if a UCC has been filed against you?

Yes. Contact the Secretary of State's office in your state or search for a service company online. It might cost you a little money, but knowing what is filed against you might be helpful in the long run.

How long is a UCC filing active for?

5 years. Filings are active for 5 years. Within a 6 month window, you can continue your filing for another 5 years, or terminate it at any time.

In order for a UCC search to be RA9 Compliant (that's Revised Article 9), what needs to be included?

Any terminated filings or filings that have lapsed within one year. In some states Federal and state tax liens are filed at the state level, but mostly are filed with county recorders. Because Revised Article 9 abolished the need for signatures, terminations are now included with search results so that one can see who authorized the termination of the filing.

If someone where to file a UCC against you, you would have to authorize it first.

False. Because of Revised article 9, signatures are no longer required so there could be filings out there against you that you don't know about! But UCCs are not legally binding contracts, so unless you have signed loan papers, I wouldn't worry about it too much.

Are UCCs only filed in the United States?

No. They are filed all across the world, although they can be called different things. For example, I ordered my first international UCC search to be done in Bermuda this morning. In Bermuda they are called Registered Charge search. If a company is located in a country where they do not have UCC filings, if a US company loans them money and secures it via UCC, those are filed at the District of Columbia recorders office.

When did the Uniform Commercial Code start?

1952. UCC was created to harmonize sales and other transactions throughout the United States. It allows companies to make transactions without the use of a lawyer to speed up the process of the trading of goods.