Download Client Alert: Did You Lose Your Security Interest in That Collateral? The New Way to Perfect Security Interests Using Updated UCC Forms

Beginning July 1, 2023, many states began accepting revised Uniform Commercial Code (UCC) forms to perfect security interests. These revised forms were adopted earlier this year by the International Association of Commercial Administrators (IACA) and accepted by most states.

The forms revised include:

• UCC-1 (Financing Statement)
• UCC-3 (Financing Statement Amendment)
• UCC-5 (Information Statement)
• UCC-11 (Information Request)

Highlights for some notable states:

North Carolina

• Began accepting new UCC forms on July 1, 2023
• Will accept old UCC forms (revised 2011) for an indefinite period of time

South Carolina

• Began accepting new UCC forms on July 1, 2023
• Will accept old UCC forms (revised 2011) for an indefinite period of time

Florida

• Began accepting new UCC forms on July 1, 2023
• Is no longer accepting old UCC forms (revised 2011)
  • All new UCC filings must be made on the newly revised forms

Ohio

• Not affected by this change because all UCC filings have been required to be submitted electronically since 2019

Contact Jack Santaniello, Andrew Bosserman, or another Shumaker attorney with questions about how these changes may impact you and your business.