FAQ
UCC - Filing Information
What is a financing statement?

A financing statement provides public notice of the security agreement between a debtor and the secured party, the lender. The financing statement describes the types of collateral or personal property that is pledged against the value of the loan, and it identifies the parties that have an interest or stake in the collateral if the debtor defaults. A financing statement filing includes all UCC documents related to the initial financing statement.

 

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What is a financing statement amendment?

A financing statement amendment is a UCC document that amends the information in a financing statement. Amendments include continuations (extends the effective filing period for five more years), changes to debtors or secured parties, terminations (terminates the filing), and assignments (assigns all or part of a security interest to another secured party).

 

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How long is a financing statement active?

If a continuation is not filed, the financing statement will lapse in five years from the initial filing date. Continuations may be filed in increments of five years and always expire on the anniversary date of the initial filing. A continuation may be filed up to six months before the expiration date of the financing statement. Under Article 9, all lapsed and terminated filings remain active on system for search reporting purposes only for one year after the initial financing statement lapsed (or would have lapsed).

 

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What form is used for filing an initial financing statement?

Use the UCC1 form to file an initial financing statement. If you have more than two debtor names, you must include a UCC1 addendum form. Debtor names must be entered as an individual or as an organization, but not both.

 

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What form is used for filing financing statement amendments?

Use the UCC3 form to file an amendment. Always include the reference number for the initial UCC filing when filling out the UCC3. A separate UCC3 form is required for each amendment to the initial financing statement. For example, a continuation and an assignment would need to be submitted on two separate UCC3 forms, and two filing fees will be charged.
 

 

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Where does a filer put additional debtor names?

The UCC1 form has designated spaces for two debtor names. If you have more than two debtor names, you must include the appropriate addendum form. Debtor names must be entered as an individual, or as an organization, but not both.

  1. When filing an initial financing statement with more than two debtor names, attach a UCC1Ad Initial Addendum or a UCC1AP Initial Additional Party form.

  2. When filing an amendment with more than two debtor names, attach a UCC3Ad Amendment Addendum or a UCC3AP Amendment Additional Party form.

 

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What is a fixture filing?

A fixture filing covers goods that are permanently attached to the land or real property. Fixture filings are recorded at a county Register of Deeds office. Farm products (crops, livestock and their unprocessed products) are not considered fixtures. Filings related to farm products should be filed at the UCC office rather than at a Register of Deeds office.
 

 

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Is a tax identification number required for a filing?

A tax identification number is not required on initial and amendment financing statements. UCC documents are public records. Filers may wish to consider protecting their customers by excluding Social Security numbers and other personal identifying information from UCC documents.

 

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Are signatures required on an initial financing statement?

Signatures are not required on an initial financing statement.
 

 

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Are signatures required on financing statement amendments?

Signatures are not required on financing statement amendments.
 

 

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What are the requirements for filing a UCC1?

Submit the following when filing a UCC1:

  • One copy of the completed UCC1 form. Make sure all form information is complete, accurate, and legible, including names and addresses for the debtor and secured parties.

  • A check or money order for the appropriate fee, made payable to "State of Michigan," or the submitter's previously established billing account number in good standing.

The debtor name shown on the UCC1 form should be the debtor's legal name. The UCC1 form should include a description of the collateral covered by the financing statement.

 

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Which form should I use to terminate a financing statement?

Submit a UCC3 financing statement amendment form. Make sure to reference the initial filing number and mark the termination box.
 

 

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When an assignment amendment is filed, who is the secured party of record?

A secured party may assign all or part of its rights by filing an assignment financing statement using a UCC3 form. If all of the rights are assigned, the new secured party assigned those rights becomes the secured party of record. If the assignment is for part of the rights, both the previous secured party and the new secured party are on file as secured parties of record.
 

 

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What is the purpose of the Information Statement?

A UCC5 Information Statement is filed by the debtor when a record is:

  • Inaccurate, or

  • Submitted by someone who is not entitled to do so.

 

A UCC5 Information Statement is filed by the secured party when a record is:

  • Mistakenly filed (for example, a termination statement was filed instead of a continuation),

Once the UCC5 is recorded, the secured party should file the correct action.

The UCC5 is not an amendment and it does not alter or cancel the filing in question. The UCC office does not determine whether the UCC5 is effective or legitimate. A financing statement amendment must be used to make changes to previous filings.
 

 

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In what jurisdiction/state should I file a UCC financing statement?

A filing is made based on the location of the debtor. Filings that name an individual as the debtor are made in the debtor’s state of residence. A filing listing an organization as the debtor will be filed in the state in which the organization is registered.

Filing in the wrong office is not a sufficient reason to reject a filing.

Mortgages, fixtures, minerals and timber are filed with the county Register of Deeds in the state of the debtor or organization. All other types of collateral, including transmitting utilities, should be filed with the UCC Office.
 

 

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Who determines the types of collateral included on a financing statement?

This decision is left to the filer. Failure to list collateral or filing in the wrong office is not a reason to reject the financing statement. Mortgages, fixtures, minerals, and timber to be cut are filed with the county Register of Deeds. All other types of collateral, including filings for transmitting utilities, should be filed with the UCC Office.
 

 

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If I have the county where collateral is located, can you give me the appropriate county Register of Deeds telephone number?

Find the contact information for each Michigan county Register of Deeds office at the Michigan Association of Registers of Deeds. Click on the Menu button in the upper left corner. Select “Members” from the banner that appears; this will allow you to search by county, region or a map of the state.
 

 

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What forms do you accept for filing?

The UCC1 financing statement form and the UCC3 financing statement amendment form, with revision dates of April 20, 2011, are the standard filing forms used in Michigan.

 

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Do you accept filings electronically or by fax?

Electronic filing through UCC Online is available to UCC billing account customers, and credit or debit card customers. Visit UCC Online for more information.

The UCC Office does not accept filings by fax or email.
 

 

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What are your filing fees?

Filing fees apply to all UCC1 and UCC3 filings, including terminations.

$15 per filing (standard filing fee, includes attachments)
 

 

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How do I know if my filing was accepted?

Filing Online: If you processed your filing using UCC Online, there will be an acknowledgement copy available when you complete your filing. If you don’t print your acknowledgement copy immediately, it will be kept in your Submission History for 90 days.

Filing by Mail: The UCC Office will mail you an acknowledgement copy of your filing once it has been received and processed – usually in about three-to-seven days.

Filing by Mail if You Have an Online Account: You will receive an email notification once your filing has been received and processed. Your acknowledgement copy will be placed in your online account Submission History for 90 days.
 

 

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How can I find organization information in Michigan?

Corporate jurisdiction, type and identification number are no longer required on a UCC financing statement. Records for Michigan companies are kept with the Michigan Department of Licensing and Regulatory Affairs, Bureau of Commercial Services, Corporation Division. Visit the Corporation Division for more information.

 

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Where do I terminate a financing statement?

Terminate the financing statement in the office that received the original filing, either the Michigan Department of State UCC Office or the County Register of Deeds.

 

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How do I change a county filing to the State UCC office?

The secured party determines whether or not to file an “in lieu of” filing.

File an “in lieu of” initial financing statement with the UCC Office. Complete a UCC1 with current information for debtors, secured parties and collateral. An “in lieu of” filing may either list file numbers or include copies of multiple initial financing statements and amendment financing statements for the same debtor.
 

 

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