CONTINUATION STATEMENT CORPORATION Form
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Quick guide on how to complete continuation statement corporation
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People also ask
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Why would someone file an UCC?
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
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What is a continuation of a corporation?
When a corporation continues out of a jurisdiction, it is called an export continuance. When a corporation continues into a new jurisdiction, it is called an import continuance. Generally, a corporation must file articles of continuance on an import continuance.
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How long is a UCC continuation good for?
The continuation statement must be filed within six months before the expiration of the UCC-1 (UCC §9-515(d)). When it is filed, it extends the effectiveness of the original UCC-1 for an additional five years from the date that the UCC-1 would have expired (UCC §9-515(e)).
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What is a continuation statement?
Continuation statements are statements that extend the lender's lien on a borrower's collateral past the original expiration date. They help lenders maintain a priority position to collect debt.
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