Reminder about Duration of UCC Financing Statements

The California Secretary of State’s office is the central filing office for certain financing statements and other lien documents provided for in the Uniform Commercial Code.  Filing with the Secretary of State serves to perfect a security interest in named collateral and establish priority in case of debtor default or bankruptcy.

Generally, the active duration for a financing statement is five (5) years, at which time it lapses unless it is continued.  It remains active in the Secretary of State’s files for one year after it lapses and is searchable in its database for that period of time.

To continue the effectiveness of a financing statement for additional five (5) year periods, the secured party must file a Form UCC3, National Financing Statement Amendment, with the Secretary of State and pay the applicable filing fee, which ranges from $10.00 to $20.00.

If you have questions regarding perfection of an interest in personal property or filing, renewing, or terminating a UCC financial statement, please contact us.