Does UCC apply in Texas?

Texas has adopted the following Articles of the UCC: Article 3: Negotiable instruments: UCC Article 3 applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8.

What is a UCC lien in Texas?

The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

How do I look up a UCC lien in Texas?

You can find Uniform Commercial Code information on any person or corporation in Texas or other states by performing a search on the UCC website of the state or territory where the person resides or the corporation is registered.

What is a UCC filing in SC?

The Uniform Commercial Code Electronic Filing, Search & Retrieval System allows users to search financing statements, retrieve copies, and request certified search results.

Did Texas adopt the UCC?

On May 17, 2011, Texas Governor Rick Perry signed Senate Bill No. 782 into law, thereby making Texas the fifth state to adopt a version of the 2010 uniform amendments to the 1998 version of Article 9 of the Uniform Commercial Code (“Revised Uniform Article 9”).

Is a UCC lien bad?

Having a UCC-1 filing or lien tied to your name or business isn’t necessarily a bad thing. It’s simply a public record stating that a lender has the rights to certain assets until that loan is repaid. That record will also show if the loan has been repaid or not.

Does South Carolina follow UCC?

You can find Uniform Commercial Code information on any person or corporation in South Carolina or other states by performing a search on the UCC website of the state or territory where the person resides or the corporation is registered.

What states have not adopted UCC?

Every U.S. state and the District of Columbia have adopted at least part of the UCC (though it has not been adopted as federal law). Each jurisdiction, however, may make its own modifications (Louisiana has never adopted Article 2), and may organize its version of the UCC differently.

How do I get rid of UCC-1?

Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company’s asset (or assets) and remove the UCC-1 filing.