- Uniform Commercial Code
Uniform Commercial Code
About the Uniform Commercial Code (UCC):
The Uniform Commercial Code (UCC) is a comprehensive code addressing most aspects of commercial law and has been enacted, with some local variation, in all 50 states. Filing with the Albany County Clerk’s Office serves to perfect a security interest in named collateral and establish priority in case of debtor default or bankruptcy. The code addresses the following types of transactions:
- Bank Deposits and Collections
- Bulk Sales
- Documents of Title
- Funds Transfers
- Investment Securities
- Letters of Credit
- Negotiable Instruments
- Secured Transactions
W.S. 34.1-9-501(a)(iii) states that the office of the county clerk is the filing office for perfection of a security interest in vehicles or motor vehicles. When borrowing money in order to purchase a vehicle, a financing statement or Security Agreement is filed/recorded in the local County Clerk’s Office. This ensures the Secured Party (lender) will have their lien perfected on the face of the title.
Also filed/recorded are any amendments, Continuations, Partial and Full Termination Statements relating to previously filed/recorded financing Statements and Security Agreements. Note that Wyoming is not a title holding state; the title goes to the lien holder.
Additionally, when an individual makes a purchase under the terms of a payment plan, the business can place a UCC filing in the purchaser’s name. This document defines the agreement between the business and the purchaser. If the agreement is violated, the business can demonstrate cause to repossess the item(s) purchased. A UCC3 form (PDF) is available from the Wyoming Secretary of State’s Office for these filings.
Financing Statements (W.S. 34.1-9-502)
- Debtor’s name and address
- Secured Party’s Name and address
- Total loan amount
- Year, Make, Model and Vehicle Identification Number (VIN) of the titled property being used for collateral
A $20 fee is required to file this document. This also includes the termination fee when the debt is satisfied, unless the original lien was filed before July 1993; in which case, a $5 fee will be assessed to terminate. If the secured party is using a security agreement and not a financing statement, signatures of the debtors and secured parties are required.
- Debtor’s name
- Secured Party’s name
- To be completed by the secured party of record as listed on the face of the title
- UCC filing number of the original financing statement
- Whether partial or full termination