What is an Ohio UCC filing?

What is an Ohio UCC filing?

The purpose of filing a financing statement is to “perfect” an interest in collateral involved in a secured transaction (it is a means by which a lender may protect its right to collateral that a debtor has used to secure a loan). A financing statement places a lien on personal property.

How much does it cost to file a UCC in Ohio?

Filing Fees:

​UCC-Fixture Filing $17.00​
Late Fee​ ​$2.00
Amendment​ ​$9.00
Amendment of Assignment​ ​$9.00
Amendment of Continuation​ ​$9.00

Where are UCC filings made?

secretary of state office
They’re usually filed by lenders with the debtor’s state’s secretary of state office when a loan is first originated. If the collateral is tangible property, such as equipment, the lender may also file the UCC lien with the county recorder’s office in the county where the property is located.

How does a UCC filing work?

A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term “UCC filing” comes from the uniform commercial code.

Does Ohio Follow the UCC?

Ohio has adopted the following Articles of the UCC: Article 4A: Fund Transfers: UCC Article 4A applies to funds transfers. …

How do I file a UCC 3 in Ohio?

Through Ohio Business Central, you can file your UCC-1 and UCC-3 statements online, obtain and request publications and search existing filings. If you have further questions regarding corporate filings, please call 877.767. 3453 or email [email protected]

How long are UCC financing statements good for in Ohio?

five years
An Initial Financing Statement is generally effective for five years from the date of filing. Some financing statements, such as those for a transmitting utility, are effective longer. Please refer to Ohio Revised Code Section 1309.515 (UCC 9-515) to determine how long your financing statement will remain effective.

How do I fill out a UCC-1 form?

How to complete a UCC1 (Step by Step)

  1. Filer Information. Name and phone number of contact at filer. Email contact at filer.
  2. Debtor Information. Organization or individual’s name. Mailing address.
  3. Secured Party Information. Organization or individual’s name. Mailing address.
  4. Collateral Information. Description of collateral.

Who files a UCC termination?

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.