| UCC Filings on the County Level |
| UCC is an acronym for the words Uniform Commercial Code and are notices
of financing
statements. “…the office in which to file a financing statement
to perfect the security interest or agricultural lien is the office designated
for the filing or recording of a record of a mortgage on the related real property “(in
the State of South Dakota that office is the County Register of Deeds) “ if
the collateral is as-extracted collateral or timber to be cut; or the financing
statement is filed as a fixture filing and the collateral is goods that are or
are to become fixtures.” (SDCL 57A-9-501) In all other
cases, the office of the Secretary of State . (See Secretary of State’s
website at http://www.state.sd.us/sos/sos.htm) |
| AS OF JULY 1ST, 2004, THERE WAS A NEW LAW ENACTED (SDCL 57A-9-501.2)
ALLOWING FIXTURE FILINGS AND AS-EXTRACTED COLLATERAL OR TIMBER TO BE CUT
TO BE FILED ON
LINE WITH THE SECRETARY OF STATE’S OFFICE IF YOU ARE A MEMBER OF THEIR DAKOTA
FAST FILE PROGRAM. SEE http://www.sdsos.gov/busineservices/ucc_dakotafastfile.shtm WHAT THIS MEANS
IS THAT YOU CAN DO EVERY FILING WITH THE SECRETARY OF STATE. THOSE THAT
YOU WANT ATTACHED TO THE LAND WILL BE EMAILED TO THE APPROPRIATE COUNTY FOR FILING
IN THE REAL ESTATE INDEX. |
| FORMS FOR FILING UCCS: Download from http://www.sdsos.gov/busineservices/ucc_information.shtm |
| When Filing at the County Level be sure to
Remember the Following: |
- A FULL LEGAL DESCRIPTION OF THE PROPERTY
WHERE
THE FIXTURE OR EXTRACTED COLLATERAL OR TIMBER IS LOCATED. (57A-9-516(b)(3)(D) (A
legal description does not mean a mailing address of the property)
- The fee for filing a UCC I, II or III. (Fee Schedule Available here - LINK)
- If the debtor is an organization, we must have the type of organization,
jurisdiction of organization and their organizational
number. (For instance if the organization is a corporation in the State
of South Dakota, their jurisdiction would be South Dakota Secretary of State,
the type of organization would be a Corporation and their organizational number
would be the number the Secretary assigned the Corporation. In the State
of South Dakota this number can be found on the Annual Report in the upper left
hand corner above the debtor’s name or click on this http://www.sdsos.gov/busineservices/corporations.shtm
- Basically the forms need to be completed fully
or we are required to reject them. (See SDCL 57A-9-516 for a full list
of reasons we are required to reject a UCC filing http://www.sdsos.gov/busineservices/ucc_refusingUCCrecord.shtm
|
| NEW ARTICLE 9 WAS ADOPTED BY THE STATE OF SOUTH DAKOTA AND IS EFFECTIVE
AS OF JULY 1, 2001. PLEASE SEE YOUR ATTORNEY AS TO HOW THIS
MAY AFFECT
YOU. |
| FOR MORE INFORMATION CONCERNING ARTICLE 9 PLEASE GO THE SECRETARY OF
STATE’S
WEBSITE, http://www.sdsos.gov/index.shtm or
to read SDCL Chapter 57A-9
go
to
http://legis.state.sd.us/statutes/DisplayStatute.aspx?Statute=57A-9&Type=StatuteChapter |
DO NOT FAX UCC-1 OR UCC-III’S TO THIS OFFICE
AS THEY WILL NOT BE ACCEPTED FOR FILING. |
