New england UCC & Business Searches
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The Uniform Commercial Code is a set of uniform laws governing commercial transactions. The Code covers the sale of goods, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading and investment securities.
The Uniform Commercial Code governs commercial transactions. Financing statements are filed by banks, mortgage companies
Each state serves as the central filing office for financing statements regarding security interests. A financing statement indicates a commercial agreement between a debtor and a secured party. Searches provide information on collateral. When a debtor pledges collateral on a loan, UCC search results tell lenders if others have filed a claim against the same collateral.
What is a debtor?
A debtor is a borrower who owes a debt. More specifically, a debtor means the person who owes payment against a secured obligation.
What is a secured party?
A secured party means a lender, seller or
How does the search work?
Search requests are used to find initial financing statements, amendments, debtor correction statements
How long does a financing statement last?
If a continuation is not filed, the financing statement will lapse 5 years from the original filing date. A continuation extends the filing period 5 additional years from the initial filing date. Subsequent continuations may be filed in increments of 5 years and always expire on the anniversary date of the initial filing. A continuation may be filed up to 6 months before the expiration date of the financing statement. Under Article 9, all lapsed and terminated filings remain active for search reporting purposes for one year after the initial financing statement lapses or would have lapsed.
Where should I file?
The Uniform Commercial Code designates where to file based on the location of the debtor. The collateral location no longer determines where to file. Filings for organizations are made in the state where the organization is registered. Filings for individuals are made in the state of residence. Filing in the wrong office is not a rejection reason listed in the statute.