Last Updated on January 1, 2022
What is a UCC?
A Uniform Commercial Code (UCC) is a set of laws coordinating the liens from the sales of assets and other business transactions. A UCC filing gives lenders a claim on the assets a debtor pledges as security interest, such as when an individual obtains a mortgage for a home. The home is the collateral pledged for the property. With the UCC-1 Financing Statement filed, the homeowner can’t take out another loan on the home.
What information does a Delaware UCC search show?
Delaware Commercial Code Search search results show the debtor name, liens held by an individual or entity, document type, debtor, secured party, filing date.
Why is a UCC needed?
A UCC gives lenders a claim on assets a debtor pledges as collateral. Before accepting collateral for a new loan, a lender can perform due diligence to make sure there are no other existing liens.
Where is a UCC filed in Delaware?
With the Secretary of State or on delaware.gov
How much does a UCC search cost in Delaware?
The cost of a search varies depending on the Authorized Searcher chosen and the amount of information requested.
How to do a UCC search in Delaware
Unlike most states where there is an online database anyone can search to at least find basic information on borrowers, a UCC search can only be performed by an Authorized UCC Searcher. The Delaware Division of Corporations provides a list of Authorized Searchers at https://corp.delaware.gov/uccsearch/