Where to File Ucc Financing Statement in Pennsylvania

Under Option B, individual names that are sufficient under applicable law remain sufficient in the safe harbor. Option B also provides that only the debtor`s surname and first name are sufficient and that the name on the driving licence is also sufficient. This option provides more flexibility to the file server. But again, Option B was not accepted in Pennsylvania. A statement above that says: “THIS INSTRUMENT HAS A COLORED BACKGROUND AND MICRO-IMPRESSION. THERE IS AN ARTIFICIAL WATERMARK ON THE BACK”; (a) The cost of filing a funding statement with the Department of State at 13 Pa.C.S. (under the Uniform Commercial Code) is $84, regardless of the number of debtors or parties. While these fees have tax implications for members of the private sector filing financial statements under the provisions of the UCC, this outcome is inevitable due to the legal requirements of Section 9525(d) of Law 2001-18. Option A, selected by Pennsylvania and 39 other jurisdictions as of July 17, 2013, provides that the name of an individual debtor on a finance certificate is appropriate only if it includes the person`s name as it appears on their unexpired driver`s license.

In Pennsylvania, this includes “a driver`s license that is not less than 75 Pa.C.S. has expired. § 1510(a) (relating to the issue and content of a driver`s license) or an identity card according to 75 Pa.C.S. § 1510 b). While the 2010 amendments do not change the rules for filing a perfect financing statement, they do provide clarity in two areas: The 2010 amendments add § 9-316(h), which provides for a continuous 4-month processing window after a debtor has paid not only existing collateral, but also collateral acquired within the 4-month window. moved to a new jurisdiction. A new UCC-1 filing (financing statement) must be made within 4 months in the debtor`s new jurisdiction. These regulations are intended to prevent negative tax effects on the Commonwealth and the counties as a whole. Based on an analysis of county filing fees in calendar year 2000 provided by the Office of the Budget Governor based on figures provided by the Treasury Department, it was found that counties as a whole are tax-free, with a filing fee of $95 for the Recorder of Deeds Fixture Record. While counties will be broadly exempt from tax with this proposed fee, the majority of counties (41) will experience a decrease in revenue. Of these losses, estimated losses range from a low of $184 to a high of $16,650. In order to avoid all possible losses for individual counties, a filing fee of $286 would be charged.

In order to maintain the general fund fiscally compensated to compensate for the abolition of the 75% of county fees transferred to the Commonwealth, a state UCC financing settlement fee of $84 must be set. Overall, rule-making will benefit the Commonwealth and the counties by helping the Commonwealth avoid a loss of approximately $9.3 million per year and an estimated loss of $1.3 million for counties. The Secretary of the Commonwealth amends Article 3.30 (in relation to the Uniform Commercial Code) in respect of tenders under Article 13 Pa.C.S. §§ 1101–9507 (concerning the Uniform Commercial Code) (UCC) by amending certain taxes of the Ministry of Foreign Affairs (Ministry) in accordance with Annex A. The 2010 amendments aim to clarify previous ambiguities regarding the names of “correct” individual debtors and to provide each State with two options regarding the identification of the names of individual debtors. Each state has chosen one of the following options: Individuals seeking information are encouraged to direct inquiries to Ken Rapp, 308 North Office Building, Harrisburg, PA 17120-0029, (717) 783-9210. If any of these documents are presented to you, or if you have any information about them, please inform your local law enforcement authorities. If you would like information on bills of exchange payable to the U.S. Treasury, please read the warning from the Office of the Comptroller of the United States Currency, Administrator of National Banks (OCC Alert 99-10) dated 6.

August 1999, which was made under www.occ.gov/static/news-issuances/alerts/1999/alert-1999-10.pdf The amendments are required under section 9525 (d) of Law 2001-18. The Secretary of the Commonwealth hereby publishes the distribution of offers or proposals for private certified bonds relating to Uniform Commercial Code (UCC) documents filed with the Companies Bureau of the Department of State. An example of such a document is attached for consideration. Please note that some people create and execute these paper documents and present them as payment. Their validity is questionable and acceptance of these documents is at your own risk. Questions and comments will be moderated. Minimum 10 characters. Such instruments submitted to the Ministry of Foreign Affairs for payment or brought to the attention of the Ministry of Foreign Affairs shall not be recognized or paid for by or by the Ministry of Foreign Affairs and shall be transmitted to the competent law enforcement bodies. For more information or assistance, please contact the Office of the Chief Legal Counsel of the Department of State at (717) 787-6802. The Department reviewed this regime in accordance with the guidelines of Executive Order 1996-1. Given that the Department is responsible under section 9525 (d) of the 2001-18 Act to promulgate the Fees Ordinance and that this regulation is to be promulgated as a final regulation, omitting the proposed regulation, the Ministry concluded that the Ordinance was in conformity with the Ordinance. New versions of the UCC-1 Funding Statement, the Addendum to the UCC-1AD Funding Statement, the UCC-1AP Funding Statement Addendum, the UCC-3 Funding Statement Amendment Addendum, the UCC-3AD Funding Statement Amendment Addendum, the UCC-5 Information Statement and the UCC-11 Information Request have been adopted by most States, including Pennsylvania.

The forms will indicate a revision date as of April 20, 2011. Most states have adopted the 2010 amendments. The 2010 amendments will take effect in Pennsylvania (and other states) on July 1, 2013. On June 27, 2013, Governor Corbett signed Senate Bill 381 which, as Act 30 of 2013, enacted the 2010 amendments (the “2010 Amendments”) to Section 9 of the Unified Commercial Code. The main areas of revision concern the following topics, which are described in more detail below: Section 9525 (d) of the Uniform Commercial Code Modernization Act of 2001, 13 Pa.C.S. Section 9525 (d) (Law 2001-18) requires the Ministry to issue regulations setting a UCC filing fee sufficient to generate revenue equal to the amounts collected by counties for UCC applications in calendar year 2000 and the general fund from UCC applications in fiscal year 1999-2000.