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Aug 6th, 2022

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4.6 out of 5

57 votes

This video tutorial explains how to complete a collateral paragraph for a UCC1 financing statement, which is a notice of lien filed against an individual’s straw man name in all capital letters. The presenter highlights that this lien can amount to 100 million dollars, intended to cover all personal possessions. If additional items need to be included later, such as a new house, they can be added using a UCC3 form. The video also discusses the correct format for the name on the document, emphasizing the distinction between uppercase and lowercase letters. Sensitivity of personal information is noted, but the main focus is on the procedural aspects of filing the lien.

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