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October 30, 2008

Montana Secretary of State Records

Several changes went into effect on October 1, 2008 for the office of the Montana Secretary of State. The fee increased for copies and fax-back services for corporation and other business entity records, and for UCC filing records. The new copy fee is now set at a flat rate of $5.00 for copies per search or file. Previously the rate was $.50 per page.  The Secretary of State will return copies or documents via fax. The new fax-back rate is a $5.00 flat fee. Previously, the fee was $3.00 for the first 10 pages then $.50 for each additional page.
 
A complete list of all fees, including all filing and search costs, is found at http://sos.mt.gov/BSB/forms/fees/Business_Filing_Fees.pdf.

October 07, 2008

UCC Public Record Research Tip

A significant change in UCC filing took effect in July 2001.  Prior to that date UCC documents were recorded either at a centralized state agency or at a local recording office.  At the time there were over 4,200 locations in the U.S. that recorded UCC’s.  Revised Article 9 of the Code mandated effective July 2001 that all UCC documents were to be filed and recorded at a state level agency, with the exception of real estate filings such as farm-related real estate.  According to the UCC Filing Guide 24, now less than 3% of filings are done so at the local level.  However, there is a caveat - any existing UCC filings if previously filed locally can be renewed or extended at the local level, instead of being renewed at the state level.

Although there are significant variations among state statutes, the state level is now the best starting place to uncover liens filed against an individual or business but is not the only place to search.  Strict due diligence may require a local search also, depending on the state.

© excerpt from the Business Background Investigations book.