Illinois ucc1 form 2025

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Steps Download the UCC-1 form. Provide direct contact information if desired. Fill in the debtors name and mailing address. List the name and address of the secured party. Indicate the collateral covered by the financing statement. Include applicable descriptions of the transaction. Fill out an addendum if necessary.
And when it comes to UCC filings in the state of Illinois, CTs convenient filing approach means you can file online or let us handle all your Illinois UCC filings for you including Illinois UCC-1s, UCC-3s and UCC Article 9.
Lets say a borrower puts up his house as collateral. A UCC filing could state that the borrowers home is foreclosed on in the event of a default or bankruptcy. It could also state that the house is seized or just sold off. UCC filings are active for five years.
What Are the Benefits of Filing a Uniform Commercial Code-1 (UCC-1) Statement? Filing a UCC-1 allows creditors to collateralize their loans by utilizing the personal property assets of their customers.
Legal requirements for the UCC-1 In order for a UCC-1 to hold weight in a legal proceeding, it must include the exact legal name of the debtor, the collateral included in the lien and the name of the secured party. When listing collateral, the law doesnt require a detailed description.
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A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtors personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
The UCC-1 form is used to establish a creditors claim on personal property as collateral. By filing this form, creditors notify the public and other potential creditors of their interest in specific assets. It creates a public record that determines the priority of competing claims.
DO: Always use the Debtors exact Legal Name and Address. The debtors name should match what is listed on their legal license along with the correct address, or on the most recently filed corporate documents. Include the Lenders Name and Address. Provide a description of the collateral.

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