Uniform Commercial Code
In order to claim an interest in collateral used for a loan (and to have the claim indexed for public notice), financing statements must be filed with the UCC Section of the Secretary of State’s office, and/or with a county recorder’s office, whichever is appropriate. Lenders protect their rights to collateral offered in a loan transaction by filing UCC statements with the Secretary of State’s office.
The Ohio Secretary of State’s UCC Section processes an average 186,000 UCC filings each year
Where to File
Article 9 requires the place to file for most collateral allocations is the place of the debtor’s location. If the debtor is a “registered organization,” then the financing statement is filed centrally in the state where the debtor is legally registered and organized. If the debtor is an individual, the financing statement must be filed centrally in the state of the debtor’s legal residence.
All real estate-related transactions are “perfected” by filing in the office where a mortgage on the real estate would be indexed or recorded. Foreign debtors are located in Washington, D.C. for purposes of such filings. The Ohio Secretary of State's office allows secured parties to file online.
Article 9 establishes uniform documents for filing with the central filing office. Visit the forms page for more information on UCC filing forms.
The requestor may ask for a specific copy of the filing record. The requestor must indicate what type of information is being requested (copies of all documents in the filing, copies of only specific documents or only information on the secured party and debtor(s)). The requestor should provide:
-Name of the requesting party;
-Date of the request;
-Debtor name of the organization and/or the individual;
-Indicate whether information and copies are required, or specific copy only;
-Provide up to five debtor names per request; and
-Provide up to five financing statements per request.
UCC Correction Statement
A debtor or secured party who believes a financing statement is incomplete or incorrect may file a correction statement at any time. This information will be assimilated into the official record.