A UCC (Uniform Commercial Code) is a security agreement on personal property that is recorded to protect the lender’s or secured party’s investment. In a security agreement, a loan is secured by personal property as collateral, thereby giving the lender rights in the property.
As a direct result of revisions to Article 9 of the NC Uniform Commercial Code enacted by the 2000 NC General Assembly, the procedures for filing UCC Financing Statements have drastically changed. Effective on and after July 1, 2001, only those UCC’s filed (1) as fixture filings, (2) where the collateral consists of timber to be cut, or (3) those involving as extracted collateral (oil, gas, or other minerals that are subject to a security interest) will be filed in the local Register of Deeds office. All other UCC’s will be filed in the Office of the NC Dept of the Secretary of State, Uniform Commercial Code Section, PO Box 29622, Raleigh, NC 27626-0622.
For more information on the recent changes in the law and other UCC related questions please visit the NC Secretary of State’s website at: www.secretary.state.nc.us/ucc/
There are three primary types of UCC filings as described below:
UCC-1: Financing Statement
The UCC-1 is a form used in an initial filing of a financing statement. According to G. S. 25-9-402, a financing statement must contain the following information:
- Secured party’s name and address
- Debtor’s name and address
- Statement indicating types and/or descriptions of collateral
UCC-3: Financing Statement Amendment
The UCC-3 is used for five kinds of secondary statements:
- Continuation of a financing statement
- Termination of a financing statement
- Assignment of a secured party’s rights under a financing statement
- Amendment to a financing statement
- Release of all or part of the collateral covered by a financing statement
Fee and Payment Information
Effective July 1, 2001 fees for UCC initial financing statements, correction statements, and all amendments, including terminations, are as follows:
| One or two pages: | $38 |
| Three to ten pages: | $45 |
| Over ten pages: | $45 + $2 per page over ten |
| Fees for providing information on UCCs filed before July 1, 2001: | $30 per name searched + $1 per copy provided |
Checks must be made payable to: Duplin County Register of Deeds, P. 0. Box 970, Kenansville, NC 28349.
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