Colorado has launched a new UCC filing system that is said to be the nation’s most sophisticated commercial lien filing system. It is totally electronic, and replaces a previous system that wasn’t sophisticated enough to handle all the different types of lien filings. Because of the switch, Colorado will no longer accept paper copies of UCC documents, making the new online system mandatory for all UCC filings. UCC stands for the Uniform Commercial Code, which has been adopted nationwide for the perfection of security interests and liens on personal property. Banks and other creditors can file UCC records to provide notice and establish priority of their claims on a debtor’s or borrower’s collateral.
In additional to the online filing system, all UCC searches are now going to be done through the new system. According to a press release from the Colorado Secretary of State’s office, UCC search reports, copies of documents, and certified records will all be available for free through the website. http://www.sos.state.co.us
National Underwriting Counsel
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