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The Uniform Commercial Code (UCC) is a set of regulations adopted to make commerce from state to state easier. It provides a standardized legal framework for the sale of goods, commercial paper, secured transactions, and other business transactions.
Why would someone file an UCC?
UCC means the Uniform Commercial Code as adopted in this state.
What is the purpose of the UCC?
UCC filings are common among lenders, especially when providing small business loans. The good news is that having a UCC lien is unlikely to affect your business unless you cant make your payments or try to get additional financing using the same assets as collateral or if you default on the loan.
What is the purpose of an UCC filing?
The most common UCC form is the UCC-1 or Financing Statement. These forms are routine in the case of secured loan, where the lender uses the UCC-1 to place a lien on a particular piece of collateral or all assets belonging to a business or person.
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UCC Financing Statement | Wex - Cornell Law School
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
National Information Request (Form UCC11). To obtain searches and/or copies of Uniform Commercial Code records on file with the Secretary of States office.
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