What is ‘UCC-1 Statement’
One of the standard mortgage documents listed in the Uniform Commercial Code. The UCC-1 Statement lists and describes any personal property that is provided by the borrower as collateral for the loan. This document must be filed with either the Secretary of State or another appropriate official.
Explaining ‘UCC-1 Statement’
The UCC-1 is also known as the financing statement for the loan. This form must be time-stamped and assigned a file number. This secures the lender’s claim to the assigned collateral.
Ucc 1 Statement FAQ
What is a UCC 1 financing statement used for?
A creditor files a UCC-1, sometimes called a UCC financing statement, to notify interested parties that he or she has a security interest in a debtor’s personal property. This personal property serves as collateral in some type of secured transaction, usually a loan or a lease.
What does UCC 1 mean?
It stands for Uniform Commercial Code-1.
Does a UCC 1 need to be signed?
UCC-1 Financing Statements do not require the signature of either the Debtor or Secured Party; however, they must be authorized. Attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
How do I file a UCC financing statement?
The financing statement is usually filed with the office of the state secretary of state, in the state the debtor is located – for an individual, the state of residence of the debtor, for most kinds of business organizations, the state of incorporation or organization.
What is the purpose of a UCC financing statement?
A creditor files a UCC-1, sometimes called a UCC financing statement, to notify interested parties that he or she has a security interest in a debtor’s personal property. This personal property serves as collateral in some type of secured transaction, usually a loan or a lease.
What happens when you file a ucc1?
A UCC filing is a legal notice a lender files with the secretary of state when there’s a security interest against one of your assets. It shows that the lender has an interest, or lien, against the asset you’re using to secure the financing. The term “UCC filing” comes from the uniform commercial code.
How do I look up a UCC lien?
If a business takes out a loan secured by business property or other assets, such as equipment, they file a UCC financing statement form. Scroll down to “Find Your Secretary of State” and enter the name of the state. Enter your information. Retrieve your results. Record financial statement numbers.
Further Reading
- Leasing and Other Techniques of Financing Equipment Under the UCC – heinonline.org [PDF]
- Examining the Integrity of a Notice-Filing System: Are Financing Statements Filed Solely under a Debtor's Trade Name Sufficient to Perfect a Security Interest under … – heinonline.org [PDF]
- The Intersection between UCC Article 9 and Intellectual Property: The Need for a National, Centralized Filing System for IP – heinonline.org [PDF]
- Financing Intellectual Property – heinonline.org [PDF]
- The Intersection Between UCC Article 9 and Intellectual Property: The Need for a National, Centralized Filing System for IP, 15 J. Marshall Rev. Intell. Prop. L. 83 … – repository.jmls.edu [PDF]
- Is biggest best? A comparative analysis of the financial viability of the Brisbane City Council – onlinelibrary.wiley.com [PDF]
- Secrets and Liens: The End of Notice in Commercial Finance Law – heinonline.org [PDF]
- A Review and Analysis of the New Article 2A-Leases Amendment to the UCC and Its Impact on Secured Creditors, Equipment and Finance Lessors – heinonline.org [PDF]
