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Uniform Commercial Code (UCC)

The Uniform Commercial Code (UCC) governs commercial transactions and includes 11 articles covering areas like sales, instruments, banking, and securities. Article 9 designates the Secretary of State's office as the filing location for secured transaction documents like financing statements, which provide public notice of a security interest in collateral and allow parties to search for such statements against debtors or collateral. Filing financing statements benefits both creditors by establishing secured creditor status and debtors by enabling access to funding.

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705 views1 page

Uniform Commercial Code (UCC)

The Uniform Commercial Code (UCC) governs commercial transactions and includes 11 articles covering areas like sales, instruments, banking, and securities. Article 9 designates the Secretary of State's office as the filing location for secured transaction documents like financing statements, which provide public notice of a security interest in collateral and allow parties to search for such statements against debtors or collateral. Filing financing statements benefits both creditors by establishing secured creditor status and debtors by enabling access to funding.

Uploaded by

Nelson Harris
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Uniform

Commercial Code
(UCC)

stry Services Uniform Commercial Code (UCC)

The Uniform Commercial Code (Michigan


Public Act 174 of 1962) governs commercial
transactions. The code includes 11 articles
covering a variety of areas such as sales,
negotiable instruments, bank deposits
and collections, and investment securities.

Article 9 of the Uniform Commercial Code


(UCC), titled Secured Transactions,
designates the office of the Secretary of
State as the place for the filing and
searching of secured transaction
documents.

Financing statements are filed as a public


notice of a security interest in collateral.
Record searches are requested to reveal
financing statements filed against an
organization or individual. For example,
when a debtor (borrower) pledges
collateral to obtain a loan, a UCC financing
statement tells a secured party (creditor)
whether others have financing statements
against the same collateral. Filing a UCC
financing statement is a protective
measure because it provides a public
notice to other parties. Debtors also
benefit because the notice system helps
them obtain business funding.  Legally, it
puts the creditor in the position of a
secured creditor; and a perfected UCC
financing statement may be acted on in
case of default. In the event of a
bankruptcy proceeding, the creditor will
be in a better position to enforce its legal
rights.

UCC Online Service

Free Debtor Name Quick


Search

UCC Administrative Rules

Filing and search fees


(Choose tab below)

Filings Searches

All debtor names: $15 per filing (Fees apply


to all UCC1 and UCC3 filings, including
terminations).

  

Uniform Commercial Code


(UCC) Search Results
When requesting a search of UCC records,
you may specify on the UCC-11 Information
Request form either "All" or "Unlapsed"
records. When "All" is specified, lapsed or
terminated filings are given for one year
after the date the filing would have lapsed.
When "Unlapsed" is specified, only active
records that have not lapsed are reported.
UCC search results include a statement
certifying that the results are a record of
all financing statements and tax liens for
the debtor name, as requested on the
search request form, on file as of the
current certification date.

If needed, typically for court proceedings,


a certification seal on your search results is
available for an additional fee of $6 per
seal. A box is provided on the UCC-11
Information Request Form to request
search results with a certified seal.

UCC printable forms

PDF UCC1 Initial Financing Statement

PDF UCC1Ad Initial - Addendum

PDF UCC1AP Initial - Additional Party

PDF UCC3 Amendment Financing


Statement

PDF UCC3Ad Amendment - Addendum

PDF UCC3AP Amendment - Additional


Party

PDF UCC5 Statement of Claim

PDF Fraudulent UCC Financing State


Affidavit (MI UCC 7)

PDF UCC11 Michigan Search Request

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