lein on equipment

rocky Asked:

How do I file for UCC1 on equipment I financed purchase of?

Answer this question

Liked this question? Tell your friends about it

Purpose

A UCC filing makes a matter of public record that a secured interest exists.
Some of items that will fall under a UCC filing would be things such as the leases of goods. An example of this would be office equipment. Other items include the sale of goods that are financed, such as heat pumps, farm equipment, office equipment. Commercial instruments like banknotes and drafts, bulk sales like auctions and liquidations, investment securities and secured transactions that are secured by assets, and letters of credit may fall under a UCC filing. Basically, it can involve any type of item or instrument requiring a lender, financial institution, local, state or federal government to have a secured interest in your person, home or business.
A matter of public record exists that can be checked by other potential lending parties to make sure no conflict of security exists due to prior UCC filings.
The UCC filing dictates that the transaction is subject to the terms of the Uniform Commercial Code that deals with the legal rights of commercial or personal property secured interests.
When the debt that is causing the UCC to be filed is satisfied, a UCC release form needs to be filed by the UCC holder.

Types of Items Public Record Legal UCC Release