Revised Article 9
Alaska has adopted sweeping changes to the Uniform Commercial Code with an effective date of July 1, 2001.
The following list of frequently asked questions and answers may assist you as you attempt to
master the new changes in the UCC filing laws.
Questions and Answers
Q: When do the new changes take effect?
A: Alaska adopted the revisions to Article 9 of the Uniform Commercial Code with an effective date of July 1, 2001. Not all states have enacted the new law as of this date, so there will be varying implementation dates throughout the nation.
Q: Where do I file a new UCC financing statement under the new law?
A: In simple terms, the place of filing is the location of the debtor. Determining the "location" of debtor is complicated by the fact that there are different types of debtors, and differing implementation dates for the new law.
Q: How do I determine the "location" of the debtor for filing purposes?
A: In the case of an individual
debtor, file in the central filing office in the state of the debtor's legal residence. In the case of an organizational debtor, file in the state where the registered entity was initially organized. If the debtor is an unregistered organization, file in the state where its chief executive office is located.
Q: Will there be fee changes on July 1, 2001?
A: The fee structure will be largely unchanged. However, fees for amendments will be modified to $10 per function when final regulations become effective Under the new law, the term "amendment" includes assignments, amendments, partial releases, continuations and terminations.
Q: Will you require use of the national forms referenced in the new law?
A: The national forms, as well as all existing forms, can be used beginning July 1, 2001. The national forms will be the only forms accepted after January 1, 2002.
Q: There is no place on the national forms for signatures. Where do we sign?
A: On and after July 1, 2001, signatures will no longer be required on UCC filings.
Q: How will I know you received and filed my document?
A: If you want an acknowledgement copy, you must complete Item B on the national UCC-1 form. Otherwise, acknowledgement copies will not be provided. (We will continue to furnish acknowledgement copies to all filers during the limited transition period before the national forms are mandated.)
Q: Can I file my UCC's electronically?
A: The UCC Central file office cannot accept electronic filings in any form at this time. However, we look forward to providing this service in the future as contemplated by the new legislation.
Q: Can I request expedited service?
A: The UCC Central file office does not offer expedited service.
Q: Will my existing UCC's filed in a district recording office still be perfected after July 1, 2001?
A: First of all, there's no assurance that they are perfected now, because filers have haphazardly filed local filings that were not necessarily proper under existing law (examples: erroneous debtor names, associated document numbers, or simply errors in the place of filing). If your filing was in the proper location under existing law, and accurately reflects the debtor name, the filing will remain active in our system until one year after lapse. If your filing was not in the proper location under existing law, or has other defects, contact your legal counsel to determine if your security interest can be salvaged.
Q: Will you reject continuation statements not filed in the six month window period?
A: No. However, the fact that the filing office accepts such a continuation does not make it effective.
Q: Can I use a single UCC-3 form for multiple functions?
A: Yes, but the proper fee must be submitted for each function requested.
Q: How long will my UCC filing last?
A: The normal lapse period is still five years from the date of filing. However, a filing will remain active in our indexing system (and be reported on searches) until one year after the lapse date.
Q: Can I access the UCC database through the Internet?
A: This service is expected to be available in the near future.
Q: What types of payment do you accept for filings?
A: Cash, personal check, money order, Visa or MasterCard.
Q: Will you accept faxed filings or faxed search requests?
A: At this time we will only accept faxed search requests if accompanied by authorized credit card payment. Filings must be presented to the filing office by mail, by courier or in person.
Q: What types of defects will cause a filing to be rejected?
A: Insufficient fee, lack of debtor /secured party/assignee name and address, unapproved forms (after transition period), illegible information, lack of associated document number on amendments.
Q: What if a debtor believes a filing was made in error?
A: The new law authorizes use of a Correction Statement to identify alleged errors in any filing.
Q: Are there changes in the search process?
A: There are two basic types of search reports: information
only, and information with copies. Searches can also be
requested in conjunction with the filing of an initial financing statement by completing Item 7 on the national UCC-1 form and submitting the additional search fee. Search results will be broader because they will include all active filings for up to one year after lapse.
FILING OFFICES DO NOT GIVE LEGAL ADVICE. MINOR MISTAKES IN COMPLETION OF YOUR FORMS CAN HAVE SERIOUS LEGAL CONSEQUENCES. IF YOU HAVE QUESTIONS, CONSULT YOUR ATTORNEY.
State Recorder's Office
Department of Natural Resources
550 West 7th Ave., Suite 1210
Anchorage, AK 99501-3564