|
June 22, 2001
To: County Register of Deeds, County Treasurers, County
Clerks, County Administrators, Controllers, and Managers
From: Richard L. Baldermann, CPA, CGFM Administrator Local
Audit and Finance Division
RE: New Fee Schedule under Public Act 348 of 2000
Public Act 348 of 2000 was signed into law by the Governor on
December 27, 2000 and becomes effective July 1, 2001. Michigan Compiled Law
Sections 440.9401 through
440.9409 of the Uniform Commercial Code (Article 9)
was repealed and replaced by sections 440.9501
through 440.9527. The new law makes several changes related to the UCC
Financing Statement Filing fees charged for different services that affect the
register of deeds’ office.
The primary and principal method for perfecting a security
interest under the new Uniform Commercial Code (Article 9) is to file a
financing statement with the filing authority. The new system of filing is
designed to create a more uniform system that is understandable and easier to
use. Under the new uniform law, the central filing authority is the Secretary of
State's Office. The only exception would be for fixture filings, which continue
to be made (and searched) in the real estate records (register of deeds’
office).
The filing office is described in MCL 440.9501, which reads as
follows:
(1) Except as otherwise provided in subsection (2), the office
in which to file a financing statement to perfect the security interest or
agricultural liens is one of the following:
(a) The office designated for filing or recording of a record
of a mortgage on the related real property, if the collateral is as-extracted
collateral or timber to be cut, or the financing statement is filed as a
fixture filing and the collateral is goods that are or are to become fixtures.
(b) The Office of Secretary of State in all other cases,
including a case in which the collateral is goods that are or are to become
fixtures and the financing statement is not filed as fixture filing.
(2) The office in which to file a financing statement to perfect
a security interest in collateral, including fixtures, of a transmitting utility
is the Office of Secretary of State. The financing statement also constitutes a
fixture filing as to the collateral indicated in the financing statement which
is or is to become fixtures.
(3) Any financing statement filed under subsection (1)(a) with
a register of deeds and any continuation, termination statement, amendment, or
assignment relating to the financing statement and meeting the formal requisites
of this part shall be recorded by the register of the deeds, notwithstanding the
provisions for the witnessing and acknowledging instruments to be recorded in
the real property records contained in section 47 of 1846 RS 65, MCL 565.47.
The format of the financing statements to be filed with the
register of deeds has substantially changed. The new format of the financing
statement is contained in MCL 440.9521. We suggest that section MCL 440.9521 be
read carefully for the correct format of the financing statement.
Following is the schedule of the new fees applicable to
different records mentioned in section MCL 440.9525. Please note that this
numbered letter is only to identify the fees associated with the UCC financing
statements related to the register of deeds’ office.
Please note that we are not attorneys, and are not rendering a
legal opinion. We advise that you consult with the county prosecuting attorney
or legal representation. This letter is our interpretation of what the act
states in the above matter. You may also review the Michigan Department of State
UCC web site,
which has been updated with new UCC fees and form information.
Please call (517) 373-3227 or write our office if you have any
questions.
Michigan Department of Treasury
Local Audit and Finance Division
P.O. Box 30728
Lansing, Michigan 48909-8228
Fee Schedule under Act No. 348 of Public Acts of 2000
Filings
Fee for filing and indexing a record (two (2) names or more) provided the record
is a financing statement in a form contained in section 9521(1) and
9521(2)-----$10.00
If filing office is required to index more than two (2)
names-----Additional fee of $10.00 for each name more than two
If record contains more than 100 pages-----Additional fee of
$12.00
If the record is in form other than described in section
9521(1) and section 9521(2)-----Additional fee of $7.00
Searches
Fee for responding to a request for a search of records filed with a filing
office concerning debtor, including issuance of a certificate describing each
presently effective record filed-----$6.00
If the person requests a certificate mentioned above and the
search discloses more than 100 presently effective records filed concerning the
debtor-----Additional fee of $6.00
If the person requests an expediting of the regular search
process (Secretary of State only)-----Additional fee of $25.00
If the person requests copies of presently effective records
disclosed by search-----Additional fee of $2.00 per page
Note: This section does not require a fee with respect
to a record of a mortgage that is effective as a financing statement filed as a
fixture filing or as a financing statement covering as-extracted collateral or
timber to be cut under section 9502(3). However, the recording and satisfaction
fees that otherwise would be applicable to the record of the mortgage do apply.
|
Printer Friendly
Text Version 
Email Page
