Thursday, July 19, 2012

Debt Claim Help for Small Businesses in Oregon

All UCC filings in Oregon can now be done online

The Oregon Secretary of State, Corporation Division is the central filing office for financing statements and other documents provided under the Uniform Commercial Code (UCC). The purpose of the UCC program is to create a public notice of records of debt, to establish priority of claim for the secured party in the event of a bankruptcy by the debtor.

Online UCC filing is available 24-hours a day, 7 days a week, which is important in a service where the first to file may lend a significant business advantage. Filing is immediate as compared to the 2-3 day processing time of a traditional paper filing.

“Making it easier to file UCC’s will benefit small business,” said Secretary of State Kate Brown. “Most UCC’s are filed to secure a loan made to a small business to reduce the risk for creditors. With lower risk small business can access credit more easily. This is just another example of how we are using technology to connect our customers with better services making life and doing business in Oregon easier.”

The availability of UCC records reduces the risk of creditors by establishing a security interest incurred by a debtor, so that priority of claim may be proved in case of bankruptcy or default; and by providing information on financing statements and liens to interested parties.

For more information on e-filing please visit: https://secure.sos.state.or.us/ucc/efiling/new

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