Procedures for Filing a Notice of Lien or Amendment to a Notice of Lien Under Section 10-115 of the Act

Section 140 Section 140.1150  Procedures for Filing a Notice of Lien or Amendment to a Notice of Lien Under Section 10-115 of the Act a)         A business broker who is filing a notice of lien must file Form UCC 1, Financing Statement, with the Uniform Commercial Code Division, together with the filing fee, as specified by 810 ILCS 5/9-403 through 9-406.  The form must contain the following information: 1)         Name of business broker, business broker file number and address in the section marked as secured party; 2)         Name of purchaser and address labeled "Name of purchaser and address" in the section marked as "debtor" if the lien is against the purchaser, otherwise in the section marked as "secured party"; 3)         Name of seller and address labeled "Name of seller and address" in the section marked as "debtor" if the lien is against the seller, otherwise in the section marked as "secured party"; 4)         In the section marked as "this financing statement covers the following types (or items) of property:" A)        A legend in bold capital letters stating as follows: "NOTICE OF BUSINESS BROKER LIEN"; B)        Name of business and address; C)        Description of business; D)        Total dollar amount claimed; and E)        A detailed description of business assets to which the lien applies that reasonably identifies those assets.  The description may include, but is not limited to, addresses, legal descriptions, inventory and serial numbers.  Failure to describe an asset(s) shall not affect the validity of a lien. b)         The form shall be signed by the business broker or a person authorized to sign on behalf of the business broker. c)         A business broker may file an amendment to an existing Notice of Lien by filing Form UCC 3, together with the Amendment to Notice of Lien fee in the amount specified by 810 ILCS 5/9-403 through 9-406. d)         A Notice of Lien may not be filed by a business broker who is unregistered or whose registration has been denied, suspended or revoked.  A Notice of Lien filed by a business broker whose registration currently or subsequently is denied, suspended or revoked is immediately terminated.