Answers to Common UCC Filing Questions Series: Part One
UCC
Preparing and filing UCC documents can be confusing, especially for those who are just starting out. This month, First Corporate Solutions has decided to take to the blog to answer some of our most commonly asked questions regarding UCC filings. Each week this month, we will post 2-3 questions posed by First Corporate Solutions customers and prospects.
QUESTION: If a UCC is filed with attachment pages, will the acknowledgement copy contain a date and file number on each page of the attachment?
ANSWER: Some filing offices will place a file number stamp or sticker on each page of a filed instrument, though most do not. Ordering a Search to Reflect to include copies of filed documents can confirm that the attachment pages were filed along with the face page.
QUESTION: I’ve heard that a UCC Financing Statement on an unregistered business would have to be filed under the jurisdiction of its chief office. What type of business would be unregistered, aren’t all businesses required to register with the state?
ANSWER: The most commonly cited example of an unregistered business is a General Partnership. Each state handles business registrations differently and in many cases, a General Partnership is not required to file organizing paperwork with the state filing office.
QUESTION: A co-worker was recently telling me that we might sometimes have to file a UCC in more than one jurisdiction. However if you only need to file in the state where the entity is incorporated, and not where they are doing business, why would I need to file multiple documents?
ANSWER: Multiple filings often come into play when dealing with more than one debtor for a single transaction. Consider an example where you are filing on a corporation name and an individual. If the individual resides in a state other than where the business is registered, multiple filings may be required in order to perfect.
Have a question about UCC Filing that you would like to have answered on our blog? Email First Corporate Solutions at info@ficoso.com.
To learn more about UCC filing, join us on November 17, 2011 at 11:00 am Pacific for a FREE encore presentation of our popular webinar, “An Insider’s Guide to Avoiding UCC filing Mistakes.” Registration is now open at https://ficoso.com/webinars/an-insiders-guide-to-avoiding-ucc-filing-mistakes/
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