Last Updated on January 9, 2022
What is a UCC?
A UCC, or Uniform Commercial Code, is a set of laws regulating secure transactions. These rules provide a kind of security interest in which a lender may place on certain assets.
For instance, when an individual obtains a mortgage for real estate, the lender uses the borrower’s personal property as collateral to secure property. With the UCC Financing Statement filed, the homeowner can’t take out another loan on the home without first paying off the initial loan.
What information does a Wisconsin UCC search show?
The UCC record will show the financial statement number, legal description, filing date, lapse date, display name, filing type, name and address of the debtor, name, and address of the secured party.
Why is a UCC needed?
A UCC filing is a recorded document that lets other institutions know that your company had a loan with certain assets attached to it.
Where is a UCC filed in Wisconsin?
Most of the time, a UCC Financing Statement is recorded with the Wisconsin Department of Financial Institutions, however, real property filings are filed in the Register of Deeds Office of the County Clerk, in the county where the real estate is located.
How much does a UCC search cost in Wisconsin?
The fee to run an uncertified UCC search is $7. A certified search is $17.
How to do a UCC search in Wisconsin
Step 1 – Go to the Wisconsin Department of Financial Institution’s website
Step 2 – On the left side of the screen select I Want to Search… and then click on UCC Documents in the drop down menu.
Step 3 – Follow the directions to create an account.