Maryland UCC Filings: A Guide to Secured Transactions and Public Notices
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- Maryland UCC Filings: A Guide to Secured Transactions and Public Notices
The Maryland Department of Assessments & Taxation serves as the central filing office for public notices of secured transactions, known as financing statements, under the Revised Article 9 of the uniform Commercial Code (UCC) since July 1, 2001. These filings are crucial for understanding commercial agreements between debtors and secured parties.
Understanding Uniform Commercial Code (UCC) Filings
Financing statements, a key component of UCC filings, are filed by lending institutions like banks and mortgage companies against secured collateral.These statements provide public notice of a lender’s claim against specific assets. Searching these filings reveals vital information about existing claims on collateral.
Did You Know? UCC filings are essential for lenders to assess risk and prioritize claims on collateral in case of default.
Accessing and Utilizing UCC Filing Information
Maryland offers efficient online access to UCC filing information. You can conduct searches, file financing statements, and obtain certified documents through the Maryland Department of Assessments & Taxation website.This streamlined process ensures quick and easy access to critical data.
For additional details, the state provides a Frequently Asked Questions section regarding the Uniform Commercial Code.
Title 9 of the Commercial Law article of the Maryland Annotated Code governs secured transactions. You can review these Maryland laws online, ensuring you understand the legal framework surrounding UCC filings.
Pro Tip: Familiarizing yourself with Title 9 can help you better understand your rights and obligations in secured transactions.
Addressing False or Fraudulent Filings
If you believe a financing statement has been falsely or fraudulently filed against you, Maryland law provides recourse.Section 9-501.1(f) of the Commercial Law Article allows a debtor to submit an affidavit. The Department provides an affidavit form for this purpose. It is advisable to consult with an attorney for legal guidance.
Mail the Affidavit to:
State Department of Assessments and Taxation
Attn: UCC Division
700 E. Pratt street
Baltimore, MD 21202
Key Aspects of UCC Filings in Maryland
| Aspect | Description |
|---|---|
| Central Filing Office | Maryland Department of Assessments & Taxation |
| Effective Date | July 1, 2001 (Revised Article 9) |
| Purpose | Public notice of secured transactions |
| filers | banks, mortgage companies, lending institutions |
| Governing Law | Title 9 of the Commercial Law Article of the Maryland Annotated Code |
The Enduring Relevance of UCC Filings
UCC filings remain a cornerstone of commercial law, providing transparency and clarity in secured transactions. Their historical roots trace back to the need for standardized practices across states, fostering economic stability and trust in lending practices. As financial landscapes evolve, the principles underlying UCC filings continue to adapt, ensuring their ongoing relevance in modern commerce.
Frequently Asked Questions About Maryland UCC Filings
- What is a Uniform Commercial Code (UCC) filing in Maryland?
- In Maryland, a UCC filing, specifically a financing statement, serves as a public notice of a secured transaction, indicating a commercial agreement between a debtor and a secured party.
- Where can I search for UCC financing statements in Maryland?
- You can conduct an online search of financing statements through the Maryland Department of Assessments & Taxation website.
- who typically files UCC financing statements?
- Banks, mortgage companies, and other lending institutions typically file financing statements against secured collateral.
- What information do UCC search results provide?
- UCC search results provide information on secured collateral, helping lenders determine if others have filed a claim against the same collateral pledged on a loan.
- How can I file a UCC financing statement online in maryland?
- You can file a financing statement online through the Maryland Department of Assessments & Taxation website, which also allows you to obtain search results and receive documents.
- What should I do if I believe a UCC financing statement was filed falsely against me in Maryland?
- If you believe a financing statement was filed falsely or fraudulently against you, you can obtain an affidavit form from the Maryland Department of assessments and Taxation and mail it to the UCC Division after consulting with your attorney.
Disclaimer: This article provides general information and should not be considered legal advice. Consult with a qualified attorney for advice tailored to your specific situation.
Do you have any experience with UCC filings? What are your biggest challenges in navigating the process? Share your thoughts and questions in the comments below!