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The Uniform Commercial Code is a set of suggested laws, which are divided into nine articles all relating to commercial law. Article 9, now Revised Article 9 (RA9), refers to the section of the code in which a security interest (aka UCC filing) may be created to protect a creditor’s rights if a debtor defaults on their obligation. The Code is a notification system by creditors showing an interest in a debtor’s property (collateral). The financing statement or UCC is filed informing the public of this interest. Understanding the Uniform Commercial Code takes patience and experience. Incserv has both.
Once a UCC has been filed, it’s extremely important to follow up with a search to ensure the filing was properly indexed, thus aiding in “perfecting” the security interest. Performing due diligence in support of commercial transactions such as mergers, acquisitions or a new loan are just a few of the reasons a UCC search may be required. This is also where it can get tricky as UCC search logic is not nationally standardized like the filing forms.
In addition to searching for UCCs, you may find you need to dig a little deeper and search for state and/or federal tax liens, pending civil suits, civil judgments and judgment liens, or bankruptcy filings. To find what you’re looking for and to ensure your search is thorough requires the experience of knowing what’s filed where.
We know the ins and outs and can handle all of your UCC & lien searching and filing needs. Contact us today to discuss custom tailored reports and billing options. Searching and filing has never been easier.