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Changes to UCC Filings Effective July 1, 2013
New Downloadable Paper Forms Available on Minnesota Secretary of State Website
ST. PAUL, Minn. — June 20, 2013—Changes to Uniform Commercial Code (UCC) online filings for Revised Article 9 will occur on July 1, 2013. All applicable new paper forms with those changes are now available on the Office of the Minnesota Secretary of State (OSS) website. The office serves as the state’s central filing system for lien information.
A 30-day grace period for accepting both the current and new UCC paper forms will be allowed through July 31, 2013. Beginning August 1, 2013, only the new UCC paper forms will be accepted for filing.
The UCC is a comprehensive set of laws governing commercial transactions occurring within U.S. states and territories. These transactions include borrowing money, leasing equipment, establishing contracts, and the sale of goods. Revised Article 9 covers secured financing, in which loans are made by banks and other lenders in return for an interest in collateral, most frequently machinery.
In Minnesota, approximately 170,000 secured transactions are registered with OSS each year.
The changes to the UCC forms are a result of revisions to UCC Revised Article 9 which relates to all transactions, other than a finance lease, that maintain a creditor's interest in a debtor's personal property. The debtor may be an individual or any business entity, ranging from a registered corporation to a single proprietorship.
Some key provisions to the 2013 revisions are listed below:
Requirements related to financing statements are found in Minnesota Statutes, Chapter 336, Article 9. Statutory liens are created and/or established by Minnesota Statutes, Chapter 514.
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