What is a UCC 1 and UCC 3? Are they bad?

If you are a business owner you may have come across what is called a UCC filing. There is no need for alarm if you discover you have UCCs filed on your business. A UCC-1 filing is a statement of fact that a lender has a claim to some of your business' collateral. A UCC-3 is an amendment to a UCC-1 filing. It may sound complicated, but it doesn't have to be.

[@siyamgaming6029]

Not many are willing to speak about the UCC! Bravo!

[@affordablevoices]

Short but good clarity on the process.

[@Moneyman-lx3nw]

its a powerful document

[@javierruiz6792]

Good video , something we should know .

[@shanellanderson9791]

If you file a UCC 1 AND 3 on a company, will it expire and will you have to go in and re file it? How can I check the company info to see if they have UCCs filed against them?

[@joemoore5844]

UCC-11

[@Eaglebizcredit]

A UCC1 financing statement is effective for a period of five years from the date the filing was recorded by the Secretary of State. You need to file a UCC-3 continuation before its lapse date otherwise the UCC-1 will cease to be effective. You need to file a UCC-3 continuation every 5 years to keep the original filing in effect. If you go to the Secretary of State website for the state where the company was formed you can do a UCC search (look for 'debtor name search' and put the company name in). Some States provide the searches for free, in others you need to pay a nominal fee to search their UCC database.

[@troystrawn6411]

Ucc-11 search

[@troystrawn6411]

I'm pretty sure it's the 11 search.

[@Eaglebizcredit]

@@troystrawn6411 You are right a UCC-11 information request is a method to obtain official search results for UCC records. It's the official name for the same process that I was referring to above as for a general UCC search.

[@spiritualangel824]

Do you need a judgment to file a UCC?

[@Eaglebizcredit]

No you don’t, so long as you have any form of written agreement from the debtor you can file the UCC. If you file without any written agreement then of course the filing can be challenged.

[@shanellanderson9791]

In what indtances would you need to file a UCC 1 and UCC 3 on a company? If I start a business,why would someone file those on my business?

[@ianvarley8205]

A secured lender will typically file a UCC-1 on your business when you enter into a financing agreement with them. Check the language of any financing agreements you sign - it should have a clause in there where you authorize the lender to file the UCC-1. A UCC-3 is only filed when an amendment, continuation or termination is required on the original UCC-1. If someone has filed a UCC-1 on your company without your authorization then you should challenge them on this and if they cannot provide you with the written authorization from you to file the UCC-1 then you should demand it be terminated. Under section 9-513 of the UCC code a secured lender has to file a UCC-3 termination within 20 days after the secured party receives an authenticated demand from a debtor.

[@shanellanderson9791]

I cannot see the reply 😕

[@Eaglebizcredit]

@@shanellanderson9791 Not sure what happened there, apologies. Here's what I was trying to post: A secured lender will typically file a UCC-1 on your business when you enter into a financing agreement with them. Check the language of any financing agreements you sign - it should have a clause in there where you authorize the lender to file the UCC-1. A UCC-3 is only filed when an amendment, continuation or termination is required on the original UCC-1. If someone has filed a UCC-1 on your company without your authorization then you should challenge them on this and if they cannot provide you with the written authorization from you to file the UCC-1 then you should demand it be terminated. Under section 9-513 of the UCC code a secured lender has to file a UCC-3 termination within 20 days after the secured party receives an authenticated demand from a debtor.

[@lightnashadow7197]

$1 million trust every birth certificate. CESTUI QUE VIE ACT 1666.

[@markopolo897]

I was just watching another video on how he was explaining filing a WHIFIT and a UCC and by doing that you can establish personal and business credit. I am still trying to wrap my head around WHFIT... Widely Held Investment trust and Non Mortgage Investment trust. Then you get into Remics and so on.....The marathon continues.......

[@prodbydramatic]

​@@markopolo897 link? Rip Ermias All $ in

[@markopolo897]

@@prodbydramatic This guy is way out of your league. You need to have all your ducks in order so this process works properly. I been following him and implementing some of his stuff for a while now. Which actually worked for me. You gotta start in the beginning and get your stuff filed correctly and also comprehend this stuff. Thats why people offer services to do this or learn it on your own and hope for the best. Or school of course but who teaches this stuff. Really?.... You need a TTEE from the IRS which I have. I just need to comprehend the other stuff accordingly kzbin.info/www/bejne/aaenfIpjfsqMjtU

[@prodbydramatic]

@@markopolo897 no direspect but nothing is out of anyones reach feel me. But im check it out maybe we can help each other team work make dreams work

[@markopolo897]

@@prodbydramatic it's not out of reach just got to have them ducks in order and facilitate the process properly. I attempted a WHFIT but with no success. Not even sure where I messed up or how to correct it. Study partners are great!!!! Must have missed some vital information that did not make sense. :(

[@bonnies4662]

How do you get the UCC removed from DNB after the lender terminated (UCC-3) it already with the State?

[@Eaglebizcredit]

Thanks for reaching out and this is a great question as many find that D&B information can lag behind the state records. My best advice is simply to call D&B and let the customer representative know about this issue and that you want your record updated. Have your Duns number handy when you call as well as the date and reference number of the UCC-3 termination filed. The good news is that they will make a note of this and should let you know how often they sync their records with the state database so when you can expect their records to be updated.

[@keithbernard1272]

U.S.(u)fruct: affect, us, ALTERED STATES…Usufruct...YO,"U",SOFUCKT...re'Cognition, original use use of fruct, u.s.(u)fruct or "YUSOFUCKT... COGNITIVE+STATES? that one thing is another thing. It's used to make a comparison between two, and or used to subrogate a claim of right ?" HOW YOU BOOTSTRAP A BOND? The general methodology is as follows: (1) Define the set of yielding products - these will generally be coupon-bearing bonds; (2) DERIVE DISCOUNT FACTORS:O.I D. FOR: the CORRESPONDING terms - these are the internal rates of return of the bonds; (3) 'BOOTSTRAP' the zero-coupon curve, successively calibrating this curve such … (4) SUBROGATION is a FORWARD SUBSTITUTION METHOD that allows investors to determine zero-coupon rates using the "PAR YIELD" (paranormal) para+me-t($xxxxxx)SS #_ _ _ _ers Bootstrapping is any test\\TRIAL or ME+TRIC (t), "CAPITAL MEANS" "TRUST" A common definition of meta-phor can be described as a comparison that shows how two things that are not alike in most ways are similar in another… uses random sampling with replacement (e.g. mimicking the sampling process), and falls under the broader class of resampling methods. BOOTSTRAPPING IS THE PROCESS of building a business from scratch without ATTRACTING investment or with minimal external capital. It is a way to finance small businesses by, (purchasing and?) USING RESOURCES AT THE OWNER'S EXPENSE, WITHOUT SHARING EQUITY or borrowing huge sums of money from banks. BOOTSTRAPPING assigns measures of accuracy (bias, variance, confidence intervals, prediction error, etc.) to sample estimates. Business entity and legal entity are used interchangeably. A) legal entity IS 1. DISTINCT from a natural PERSON: 2. A legal entity is recognized by a GOVERNMENT: 3. It can enter contracts in its own NAME: 4. Can sue for breach of contract negligence 5. and can also be sued. It's your ENTITLEMENT: What is the difference between a legal entity and a company? REGISTERED 6. company is there created by statute: law and law alone can regulate, modify or dissolve it. Lifting the Corporate Veil. A separate legal entity is a person recognised by law - a "legal person". The entity has its own legal rights and obligations, separate to those running and/or owning the entity

[@thereposter369]

DOPE

[@kathylittle1696]

How do I get a UCC1 filing removed?

[@Eaglebizcredit]

Hi Kathy If you have a UCC1 filed in connection with a loan or other financing facility that has been repaid in full then firstly you should reach out to the secured party (the lender) and request that they file a termination for you. If they do not respond then you should send a written demand letter by certified mail insisting they file a UCC-3 termination. If after 20 days from doing that they still do not respond then you have the right to contact the Secretary of State office and file the termination yourself. You'll need to swear under oath that the debt is repaid and then file the UCC-3 form.

[@kathylittle1696]

@@Eaglebizcredit Great! Thank you for your help.

[@bonniej0]

If I'm not on a note but I have the house can I file you CC1 on them on the bank

[@Eaglebizcredit]

Hi - just so I am understanding correctly you are saying you own a house but are not on the mortgage? Then you want to know if the bank can file a UCC on you? Typically a bank will file a lien on the property when it comes to this kind of transaction. Again please let me know if I have not understood the question correctly. Thanks!

[@glassboi5401]

That ucc1 shi don’t even post unless is only shows up on biz credit ?

[@Eaglebizcredit]

You are right in that you won’t get a notification of a UCC1 being filed on your company unless you subscribe to credit monitoring on your company from services such as Dun & Bradstreet and others which usually cost money. Many states allow a search of their UCC database for free via the secretary of state website for that state. Some states do charge a nominal fee for a search though which is typically a lot less than the credit monitoring - you just have to go and search it from time to time.

[@glassboi5401]

@@Eaglebizcredit so lenders who file ucc1 on companies use duns number instead of ein?

[@glassboi5401]

@@Eaglebizcredit and wen people say ucc1 aren’t reporting on credit do u think it is only because it’s supposed to show up on business credit reports and not personal

[@glassboi5401]

Because other wise I’ve seen comments where people have said it didn’t report on their credit even after registered promisery notes etc

[@Eaglebizcredit]

@@glassboi5401 It depends on who the UCC is filed on. If it is on the business or you personally or both. In both cases the UCC will show on both a business credit report and a personal credit report as a matter of public record but it should not impact the credit score in either case. It may affect other lender in their approval decisioning process.

[@djerre9793]

How can I contact you

[@Eaglebizcredit]

Check out our website at www.eaglebusinesscredit.com. There are a couple different methods you can choose to contact us from there!

[@empresslocs42]

How can I get the lien removed from my title ?

[@CrazysexyCool-jj1jb]

Ucc1 agriculture