How long is a UCC good for in Delaware?
five years
What is an UCC filing expiration? The UCC’s normal rule is that a financing statement remains valid for a period of five years from the date of filing. Unless a continuation statement is properly filed before expiration of the five year period, the effectiveness of the financing statement will lapse.
What are the 3 requirements for a creditor to have an enforceable security interest?
In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the …
What is a UCC 9 filing?
Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.
What are the 3 elements of attachment?
Attachment involves three elements: 1) the secured party must give value to the debtor; 2) the debtor must have rights in the collateral or the power to give rights in the collateral to the secured party; and a third condition must be satisfied—usually, the debtor’s authentication of a security agreement describing the …
How do I find my UCC filings in Delaware?
You can find Uniform Commercial Code information on any person or corporation in Delaware 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 Delaware UCC?
Effective December 1, 2015, the Delaware Division of Corporations will modify the acceptable methods of communication authorized by the filing office for the acceptance of Uniform Commercial Code (UCC) filings. The Division will require that all UCC filings be submitted to the Division electronically.
What is attachment under UCC?
Attachment. A creditor has a security interest in collateral, and becomes a secured party, if and when a security interest “attaches.” Under the UCC, a security interest generally does not attach unless three basic requirements are met.
What is attachment UCC?
Under the UCC, a person gives value for rights if the person acquires them: “(a) in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection; (b) as …
How do I file a UCC paper in Delaware?
Paper filings may be submitted through an Authorized UCC Filer who will submit the filing electronically to the Division. Delaware is providing to you a list of Authorized UCC Filers within the State who will continue the reputation Delaware strives to maintain.
What are the changes to the Delaware Division of corporations?
Effective December 1, 2015, the Delaware Division of Corporations will modify the acceptable methods of communication authorized by the filing office for the acceptance of Uniform Commercial Code (UCC) filings. The Division will require that all UCC filings be submitted to the Division electronically.
How do I file an e-UCC?
Electronic UCC filings may be submitted directly to the Division via the State’s e-UCC web application or through a variety of UCC XML submitters. Paper filings may be submitted through an Authorized UCC Filer who will submit the filing electronically to the Division.
Which UCC form should I use?
Effective July 1, 2001, the National Standard Form will be the only UCC form acceptable. The following forms are PDF files which require Acrobat Reader to view. PLEASE NOTE – DOWNLOADING UCC FORMS WILL TAKE YOU DIRECTLY TO THE IACA WEBSITE.