New Requirements for UCC Financing Statements
Uniform Commercial Code (UCC) financing statements and the Corporation Division Administrative Rules have recently been revised to conform to new requirements (ORS Chapter 79, article 9
). What does this mean to you?
How Changes Impact Searchers
Nothing changes to the UCC search logic or the functionality of the online searches. Because of changes in the filing requirements, you may want to change your own search habits. Continue reading for more detail.
How Changes Impact Filers
Debtor Name Changes
The requirements for the debtor name have changed under the new law (ORS Ch. 79.0503). An organization name is established through the "organic public record" of the entity. Therefore, the actual name of the entity is found on the latest change in name in the entity formation documents, such as the articles of incorporation, articles of amendment changing the name, or the latest restated articles of incorporation or organization.
To discover what the name actually is, you will want to see copies of those documents. Individual debtor names are established by the current state driver license or ID card, the individual name, or the surname and first personal name of the debtor.
Debtor Organization Information
The new law no longer requires the type, jurisdiction and identification number of the organization. There is no place for that information on the new forms (ORS Ch. 79.0516).
Statement of Claim Becomes Information Statement
Both a debtor and a secured party can now file a statement to correct the record, if they believe a filing was made in error (ORS Chapter 79.0518).
Make Your UCC Filing Online
File a UCC filing online now and have it filed immediately. Please visit our UCC eFiling FAQ page for more information.
Stay Up to Date with UCC News
UCC Data Lists Are Online
Since September of 2011, we have offered free, searchable UCC Data Lists online. Find last month's filings and the whole active UCC database sorted by secured parties.
EFS Farm Products Master List
Since October 1, 2011, the Farm Products Master List have been available each month online. Although everyone now has access to this list, you must register as a buyer to get the protection in statute.
UCC Images Are Online
Since June 1, 2010, we have offered online access to images of UCC filings and recorded liens.
New filings and amendments entered after July 1, 2007 are available through the UCC search engine. Just look at the column on the far left-hand side. If it has an underlined number in the box, it's a filing that's available to view simply by clicking on the number.
UCC Renewal Notices Are in Electronic Format
Effective January 1, 2010, Oregon law has required us to provide individual renewal notices in electronic format. That means renewal notices for Uniform Commercial Code (UCC) financing statements and Effective Financing Statements (EFS) are no longer mailed to secured parties.
See UCC Renewal Report for more information.