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North Country Alliance
Doing Business Guide.
Extending Credit
The Uniform Commercial Code Bureau files and maintains records on financial obligations (including Internal Revenue Service liens) incurred by individuals in business as a sole proprietor, business entities and corporations. It is crucial to know the current financial status of a potential borrower before extending credit.
Uniform Commercial
Code (UCC)
The UCC represents a general and comprehensive revision of the state's
prior laws applicable to commercial transactions.
A UCC filing is completed for commercial transactions that involve a debtor and a secured party. New York State is a dual filing state and filing may be done at the state level, county level or both. For further details regarding how and where to file a UCC statement access Section 9-401 of the NYS DOS, Division of Corporation, State Records and Uniform Commercial Code.
Examples of Common
UCC Filings and Documents include:
UCC-1 is a financial statement that provides notice of the potential existence
of a transaction between the secured party and a debtor. It protects the
status of the party filing the statement and provides notice to subsequent
interested parties.
UCC-11 is the form used for requesting certified information or requesting copies of financing statements and/or Federal Tax Liens, on file with the Secretary of State's Office.