UCC Financing Statement

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Commonly Asked Questions about UCC Financing Statement

Why use UCC?

The UCC provides a legal and contractual framework for doing business across states. Although there are slight variations from state to state, the UCC consists of nine articles governing various types of transactions, including banking and loans.

What is a financing statement under the UCC?

A UCC financing statement also called a UCC-1 financing statement or a UCC-1 filing is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.

What is the purpose of the UCC filing statement?

The filing of a UCC financial statement creates a hierarchy of which assets can be seized, and in what order, should the debtor default or declare bankruptcy.

How do you release a UCC financing statement?

Request termination. Once the debt is paid off, you should request that the creditor (secured party) file a UCC-3 termination statement with the appropriate filing office (typically the Secretary of State or a similar state agency where the original UCC-1 was filed).

What is the effect of UCC filing?

The UCC filing document establishes a creditors right to collateral that is used to secure a borrowers loan. The filing puts future lenders on notice that the filing lender has first claim to the collateral in case of debtor default.

What does UCC stand for?

UCC stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments.

What does UCC stand for in finance?

UCC stands for Uniform Commercial Code. The UCC is a set of laws concerning commercial transactions, such as the sale of goods. It also covers secured transactions, where a lender gains the right to foreclose on a borrowers collateral should the borrower default on the loan. This is also called a security interest.

Overview What is a UCC financing statement?

UCC Financing Statement (usually called a UCC-1 Form) is a form that creditors file with states in which they have a security interest in a debtors personal property. UCC Financing Statement | Wex | US Law | LII / Legal Information Institute cornell.edu wex uccfinancingstate cornell.edu wex uccfinancingstate

What is a UCC filing statement used for?

Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtors assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the creditor of the creditors interest in the property.