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Click ‘Get Form’ to open the UCC1 Statement in our editor.
Begin by filling in the Debtor's exact full legal name in section 1. Choose either 'Organization's Name' or 'Individual's Last Name' and ensure no abbreviations are used.
Complete the mailing address for the Debtor in section 1c, including city, state, country, and postal code.
If applicable, add an additional Debtor's information in section 2 following the same format as step 2.
In section 3, enter the Secured Party's name and address. Again, choose between 'Organization's Name' or 'Individual's Last Name'.
Describe the collateral covered by this Financing Statement in section 4. If more space is needed, attach an Addendum.
Review all entries for accuracy before saving your document. Utilize our platform’s features to sign and distribute your completed form easily.
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Simply put, a UCC lien or filing is a document that a lender files with the government to create a security interest in the personal property of a borrower to protect a lender from nonpayment. So, if a borrower fails to pay, a lender has the legal right to repossess the property listed as collateral.
Is a UCC filing good or bad?
UCC means the Uniform Commercial Code as adopted in this state.
Why would someone file a UCC-1?
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 UCC-1 initial financing statement?
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.
What is the effect of UCC filing?
How can a UCC filing affect your business? Generally, a UCC filing has no real negative impact on your business. However, a UCC lien can still affect your business in a few ways, so its important to know how.
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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
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