Active Records: Uniform Commercial Code or UCC records that have not lapsed & records that have been lapsed for up to one year. UCCs are active for five years from the file date.
Amendment: The term amendment is a broad term meaning all filings that affect the initial financing statement. Besides an amendment to information on the financing statement, the term includes termination, continuation, assignment & release.
Assignment: A secured party may give all or part of the rights to collateral in a financing statement to another secured party. As an example, a bank might sell a loan to another bank.
Continuation: An Amendment that continues the effectiveness of a financing statement for an additional five years. Continuations may only be filed in the six months prior to the filings lapse date.
Correction Statement: A Uniform Commercial Code or UCC record that indicates that a financing statement is inaccurate or wrong.
Debtor: A person having interest, other than a security interest or other lien, in the collateral whether or not the person is an obligor, a seller of accounts, chattel paper, payment intangibles, or promissory notes, or a consignee.
Debtor Name Search: Performing a search by the debtor name.
Electronic Filing: This is a method of filing that automatically transmits UCC filings from our tracking system to the secretary of states database directly.
Exact Legal Name: Exact legal debtor name of the individual or company.
Filing Number Search: A search that gives detailed information regarding a specific filing. Copies may be ordered.
Judgments: Abstract of Judgment CA only, similar summary under a different name in other jurisdictions, is a summary of a judgment.
Lapsed: Records will appear on record for one year after lapsed date. UCC-1 files are considered lapsed five years from file date if no continuation has been filed. A continuation keeps the UCC active for another five years.
Official Search: A Search performed at the state and is certified to be true and correct, with a seal or signature.
Secured Party: The secured party is the person whose favor the security interest has been created, as determined be reference to the security agreement. This definition controls, among other things, which person has the duties & potential liability.
Tax Liens: A lien filed on an individual or company by a governing agency Federal or State for unpaid taxes.
Termination: A type of amendment the secured party files to terminate the effectiveness of the financing statement.
Through Date: This is the date the information is current through from the state or database.
UCC: Uniform Commercial Code is a law that covers virtually all business transactions and is divided into several chapters or articles, with article 9 governing secured transactions. A secured transaction is one where a lien is filed against collateral being held for repayment of a loan. There are both county and state UCC Searches available, as well as Official, Unofficial, and Prelims, and with or without copies.
UCC-1 (or Initial Financing Statement): UCC-1 is the form used under Uniform Commercial Code provisions to take a loan on the security of personal properties like equipment and plants, etc.
UCC-3 (Amendment): A UCC record that changes the information contained in a UCC-1 or initial financing statement. Amendments include assignments, continuations, and terminations.
Unofficial Search / Prelims: Searched though a database or state, and is not state certified.
Disclaimer We at Karis Document Filing, Copy and Retrieval hope you find this information helpful and easy to follow. Nothing contained in this information should be construed as giving legal or financial advice. Please be aware that the Franchise Tax Board and Secretary of State are government agencies and can change their fees, procedures, forms, turnaround times without notification. Although we do our best to update this information, we shall not be held liable for any omissions or errors contained. If you are not an attorney or accountant, you should contact an attorney or accountant for specific legal or tax questions. We do not give legal or financial advice to the general public as we are a typing and filing agency.
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