Wisconsin UCC1 Financing Statement Addendum - Wisconsin 2025

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When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your companys asset (or assets) and remove the UCC-1 filing.
UCC Financing Statement (usually called a UCC-1 Form ) is a form that creditors file with states in which they have a security interest in a debtors personal property.
Legal requirements for the UCC-1 In order for a UCC-1 to hold weight in a legal proceeding, it must include the exact legal name of the debtor, the collateral included in the lien and the name of the secured party. When listing collateral, the law doesnt require a detailed description.
Rules for UCC cover all types of commercial transactions for sales, leases and private financial arrangements. A UCC filing on your business is usually made to create a lien against property used as collateral. Typically, a UCC filing is required in order to secure private financing.
A qualified financing statement should include: Debtor and secured partys name, Collateral describing, and. A creditor or other person authorized by the debtor in their security agreement files it.
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Wisconsin has adopted the following Articles of the UCC: Article 3: Negotiable instruments: UCC Article 3 applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8.
Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor. A UCC-1 Financing Statement expires after five (5) years unless a continuation is recorded and/or filed.

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