Document Updates: Cx7700 UCC-1 Financing Statement

After a review of Cx7700, the UCC-1 Financing Statement, we are updating the form.  This document prints for our Cooperative loans.  Each state has their own model form but most follow the IACA (International Association of Corporation Administrators) published form.  The published form was updated in 2023 and many states have updated their forms to match. The states that have published or made reference to the IACA form will reflect the changes in our Cx7700.  The notable changes are “FILER” is being updated to “SUBMITTER”, and in the first box section C, the statement “SEE BELOW FOR SECURED PARTY CONTACT INFORMATION”. The states that will reflect these changes are Illinois, Maryland, Massachusetts, Minnesota, Virginia, and Washington.

These changes are available for testing and will be effective October 18, 2023. Please direct questions to Client Support at 1.800.497.3584.

DR-146003

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.