The International Association of Commercial Administrators (“IACA”) drafts forms that States may adopt, including the UCC-1 financing statement, UCC-3 financing statement amendment, UCC-5 information statement, and UCC-11 information request.
Effective July 1, 2023, IACA has revised the UCC forms. A link to the IACA forms may be found here: https://www.iaca.org/secured-transactions/forms/.
Changes to the forms include the following:
- Forms UCC1, UCC3, UCC5, UCC11 – Changed from requiring the contact information from the “Filer” to the “Submitter” in Sections A and B.
- Forms UCC1, UCC3 – Changed the forms to direct interested parties to contact the secured party for the information about the financing statement rather than the party listed in Sections A, B, and C, by adding a statement below Sections A, B, and C advising the interested party to “See below for secured party contact information”.
- Form UCC3 – Changed Section 3 to by directing the Submitted to “check ASSIGN collateral box in Section 8” if the Amendment is to assign the collateral.
- Form UCC3 – Section 8 adds an instruction to “check ASSIGN COLLATERAL only if the assignee’s power to amend the record is limited to certain collateral”. This also removes the check box at the beginning of Section 8 to indicate a collateral change.
- Form UCC3AD – Adds a checkbox in Section 14 to indicate whether additional space is being used for collateral or for other information and, if other, to describe the other information.
- Form UCC11– Section 2 is revised to designate “SEARCH TYPE” with check boxes for non-certified or certified. Section 2 also revises the definition of a search option for “ALL records” to include additional explanation that “ALL” will include “Results provide all matching records, including those that have lapsed”. Section 2 also adds a check box to “include all available types of liens in index (if applicable)” and moves “Copy Request Only” to Section 3. Lastly, “Additional Services” have been moved to Section 4.
While these revisions to the forms may be minor, what is most important is that States individually adopt regulations as to what forms will be accepted and when, if at all, prior UCC forms will no longer be accepted. Certain States have already adopted changes to its requirements and have imposed deadlines to use the new forms. For example, Florida adopted the new forms effective July 1, 2023, and stopped accepting prior versions for filing effective July 15, 2023.
As each State will be different, you will need to keep abreast of adoptions and deadlines imposed to ensure your UCC filings are valid and will be accepted by the State.
If your lending institution has questions regarding UCC forms, please contact us at SBAQuestions@JellumLaw.com.