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A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
[1] [24] Supposed procedures for using the nonexistent "strawman" funds include: Filing a UCC-1 financing statement or UCC-3 amended statement against the strawman [27] Passing a birth certificate or other official document as if it were a bond [28] Submitting documents to the Secretary of the Treasury [27] Asserting copyright on a name [29]
The most common method of perfection is through filing a financing statement (often referred to by its form number: UCC-1) in the appropriate state office (usually the office of the Secretary of State) in the U.S. state in which the debtor is located. See U.C.C. §§ 9-301, 9-310.
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
By attempting to test this aspect of the theory, one may commit various forms of fraud and face criminal charges. [3] [26] One purported "redemption" method for appropriating the money from the alleged secret account is to file a UCC-1 financing statement against one's strawman after having taken the steps to "separate" from it. [3]
The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions.
A secured creditor, in order to perfect its interest, must file in the UCC Filing system. This is because the Patent act does not "preempt" the state requirements for filing. In other contexts, filing outside of the UCC filing system is appropriate to perfect a security interest. [9]
By contrast, a fraudulent misrepresenter is liable in the common law tort of deceit for all direct consequences, whether or not the losses were foreseeable. [85] For negligent misrepresentation, the claimant may get damages as of right under s.2(1) and/or damages in lieu of rescission under s.2(2).