How do I file a UCC in Tennessee?
Print and Mail: Go to http://tnbear.tn.gov/UCC. Use the online tool to complete the filing. Print and mail the application along with the required filing fee and recording tax to the Secretary of State’s office at ATTN: UCC, 312 ROSA L PARKS AVE #6, NASHVILLE TN 37243-1102.
How much does it cost to file a UCC in Tennessee?
How much is the filing fee to file a UCC1? The filing fee is fifteen dollars ($15.00) per debtor. When there are multiple debtors listed on a single financing statement, a fifteen dollar ($15.00) fee is required for each debtor.
How do I file a UCC-3 Termination?
A UCC-3 termination statement (a “Termination”) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State’s office in the appropriate state.
What is a UCC-3 form used for?
Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).
What is a UCC filing Tennessee?
Involves filing and maintaining financing statements on secured transactions under the Uniform Commercial Code; information about and copies of filed documents.
What does a UCC filing cover?
UCC-1 filings typically use moveable assets as collateral, which can include vehicles, office equipment and fixtures, investment securities, inventory, receivables, letters of credit and other tangible items of value.
How do you know if you have a UCC filing?
You can always check the status of UCC filings against your business through your business credit report or searching UCC lien public records.
Why do you need a UCC filing?
A UCC-1 filing is a legal form that a creditor files to secure its interest in a borrower’s property or assets used as collateral for a loan. The filing serves as a public notice that the creditor has the right to take possession of the assets as repayment on the underlying debt.
Who can file UCC-3 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.
What is the difference between a UCC-1 and a UCC-3?
A UCC3 is a change statement to a UCC1. It’s an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It’s a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
What is a UCC-3 lien?
UCC. A UCC3 is a change statement to a UCC1. It’s an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It’s a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
What does Article 3 of the UCC cover?
Uniform Commercial Code Article 3 governs negotiable instruments: drafts (including checks) and notes representing a promise to pay a sum of money, and that have independent value because they are negotiable.