The Uniform Commercial Code (UCC) provides a means for businesses to protect their interest in personal property that serves as a security device. Many state governments and land records offices require UCC financing statements to be filed using standard forms. The IACA, international organization charged with overseeing UCC form management recently released an updated version of UCC forms, which include changes and advancements made since the last updated version back in 2011.
The UCC forms, also known as UCC-1 and UCC-3, have been amended in order to streamline the process and include a column specifically for electronic filings. UCC forms are used to provide an additional layer of security and protection to the lender or secured party. It is important to use the most recent version of the UCC forms in order for the filing to be accepted. As such, many state governments and agencies are beginning to reject any forms older than the version produced for the year 2023.
Important elements of the text:
– 2011 is the last year when UCC forms were updated
– International Association of Commercial Administrators (IACA) is the international organization responsible for maintaining common forms
– UCC forms, also known as UCC-1 and UCC-3, have been amended and include a column specifically for electronic filings
– Lenders and other secured parties use UCC forms for additional security and protection
– State governments and agencies are now rejecting any forms older than the version produced in 2023.
You can read this full article at: https://geracilawfirm.com/uniform-commercial-code-ucc-forms-updated-for-2023-states-rejecting-older-versions/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
