PSS/UCC Info
 
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24-Feb-08 Greetings PSS, You have been asked to identify sales over 75k by filing a National UCC Financing Statement or (Form UCC1) to protect the interest of PSS up until the sale has been satisfied by receiving payment in full. To better assist you in the process, SRS has included the State by State links to reach the Secretary of State offices, has included information regarding what you are attempting, including the form and have made themselves available to help you with this process. Some tips - please type or laser print the UCC 1 form. Make sure it is completely legible. Fill out the form completely. The Secretary of State cannot answer legal questions, defer to SRS at 866-486-5888 for para-legal help. Make sure you know the full legal name of your PSS branch in the state you operate as well as your ID no. Some state links allow you to research your debtor to see if other existing filings are in place that may cause conflict in your ability to identify equipment on your behalf. Note - you MUST file a UCC3 or termination notice once you have been paid in full. The UCC3 form can usually be found on each state's link or contact SRS for a copy. Also, keep good records on your UCC filings and make sure you monitor them through the entire process including termination. Remember too that this service can be handled for you by calling SRS at anytime. Thank you. About the Uniform Commercial Code Section
NOTICEThe Office of the Secretary of State is redacting the Social Security numbers of living persons from the documents filed at each SOS office nationwide. As you know, UCC financing statements are public records and the information on those statements is readily available to all requesting parties including the availability of filed documents on SOS Direct. Please protect your client's privacy by refraining from including social security numbers in UCC filings. In addition to the privacy concerns, redaction is costly and may result in delays in processing your document. The Uniform Commercial Code Section (UCC) is the central filing office for certain financing statements and other documents provided for under the Uniform Commercial Code since 1966. Excerpt from the Uniform Commercial Code:The Uniform Commercial Code adopts the "notice filing" approach, under which an abbreviated notice is filed with the appropriate filing officer evidencing that a debtor and a secured party (PSS) intend to engage in a secured transaction using specific collateral as security. The actual security agreement may even be executed later. The Code became effective at midnight June 30, 1966, and applied to transactions entered into and events occurring after that date.In plain language, the Uniform Commercial Code allows a creditor to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office - or as identified on SOS links for the Secretary of State link for the appropriate state filing office. The place of filing is either 1) a state of organization if the organization is registered with a state; (PSS you will need to know your registration no. for your state), 2) state of the chief executive office if the organization is unregistered and has more than one place of business; or 3) state where an individual resides in the case of an individual or sole proprietor. Filing with the Office of the Secretary of State is required to perfect a security interest or lien except where a filing is required with the county clerk or other office designated for the filing or recording of a mortgage on the related real property; if:
Documents that pertain to PSS filing a secured interest would include a UCC1 or financing statement. Filing fees vary state by state but are usually around $20.00 per filing. The UCC Section's main objective is to review all documents for statutory compliance, then accept or reject the documents as soon as possible. All accepted documents are processed in a timely manner, recorded, filed and made available to the public upon request.
NOTICEFraudulent Filers - Effective September 1, 2005, under Section 405.022 the Office of the Secretary of State is requesting assistance from the Attorney General to determine whether a document is fraudulent prior to filing. The Attorney General's office will determine if legal action should be taken against fraudulent filers. TX, CA, FL, DE, RI, WI, OH, MN and other states are applicable. SOS Links by State |
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