How much does it cost to file a UCC in KY?
What is the fee to file a UCC-1 financing statement? There is a $10.00 filing fee for UCC-1 financing statements consisting of no more than two pages. The filing fee for UCC-1 financing statements over two pages is $20.00.
How do I fill out a UCC filing?
How to complete a UCC1 (Step by Step)
- Filer Information. Name and phone number of contact at filer. Email contact at filer.
- Debtor Information. Organization or individual’s name. Mailing address.
- Secured Party Information. Organization or individual’s name. Mailing address.
- Collateral Information. Description of collateral.
What is the difference between a lien and a UCC filing?
A uniform commercial code (UCC) filing is a notice registered by a lender when a loan is taken out against a single asset or a group of assets. A UCC filing creates a lien against the collateral a borrower pledges for a business loan.
When should a UCC be filed?
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower’s assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
Do UCC fixture filings expire?
UCC fixture filing expiration The UCC expiration for a financing statement, like a fixture filing, is five years. Extending a fixture filing requires filing a continuation statement within six months before the fifth anniversary. A record of mortgage never lapses.
How much does it cost to transfer a deed in KY?
Filing Fees: Deed transfer tax $0.50 per $500 value. A certified copy of Deed is $5.00.
Who is the debtor in a UCC filing?
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
Is a UCC filing bad?
Having a UCC filed on your business credit report can have negative effects in general on your overall credit risk, scoring and other associated risk analysis, (across all three business credit bureaus) and can even kill your chances at getting financing for your business.