Where do I file a UCC in Arizona?
Where do I file a UCC in Arizona?
Where to File
- Filing By Mail. Secretary of State. Attn: UCC…
Washington Street, Fl.
- In-Person Filing – Phoenix Office. State Capitol Executive Tower. 1700 W. Washington Street. Suite 220.
- In-Person Filing – Tucson Office. Arizona State Complex Building. 400 West Congress. First Floor, Suite 141.
What is a UCC filing in Arizona?
When a secured party obtains a lien on personal property located in Arizona the secured party must file a document called a UCC-1 Financing Statement with the Arizona Secretary of State on the day the lien becomes effective or as soon as possible thereafter.
Where do you file a UCC-1?
the secretary of state’s office
In all cases, you should file a UCC-1 with the secretary of state’s office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
How do I remove a UCC lien in Arizona?
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company’s asset (or assets) and remove the UCC-1 filing.
What is UCC filing?
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor’s assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the “creditor” of the creditor’s interest in the property.
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. UCC1 financing statements are recorded filings which give notice to other creditors of a security interest in specific collateral used to secure debt.
Can you subordinate a UCC filing?
It has a shot at the collateral only after the first lender gets what it’s owed. The first lender could, however, agree to subordinate its security interest in favor of the second lender. I.e., switch positions. The first lender would file a UCC3 Subordination form to record the switch.
Does UCC apply to non merchants?
Generally, UCC Article 2 applies even if both parties are non-merchants. (Some exceptions such as Battle of the Forms, Merchant’s firm offer, and some risk of loss rules.) B is correct because to modify a contract under the UCC consideration is not required, only good faith.
What does the UCC not cover?
Basically, the broad categories that are not covered are transactions involving the sale of real estate, transactions involving the sale of businesses (although other articles of the UCC can and will apply), and transactions involving “intangibles, such as goodwill, patents, trademarks, and copyrights.”
How to check UCC filings?
Termination: used to end a lender’s interest in the collateral mortgage.
Where should UCC be filed?
Debtor’s name: This can be either an organization (partnership,corporation,etc.) or individual (including sole proprietorships).
What is an UCC lien filing?
– Receivables – Office Equipment – Inventory – Operating Equipment/Machinery – Vehicles – Land/Real Estate – Investment Securities – Other assets owned by the business
What are Uniform Commercial Code (UCC) filings?
Helpful Filing Tips. Be sure to present names as individuals or organizations.