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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).
The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. A valid accord does not discharge the prior contract; instead it suspends the right to enforce it in accordance with the terms of the accord contract, in which satisfaction, or performance of the ...
See U.C.C. § 9-203. Subject to some minor restrictions relating to consumer goods and commercial tort claims, a security interest can encumber after-acquired property—that is, it can attach to property the debtor acquires after authentication of the security agreement. See U.C.C. § 9-204. Value can include a new loan or an old debt.
In the US, under the Uniform Commercial Code, modifications may be made free of the Common Law legal duty rule even without consideration provided that the modification is made in good faith. See UCC § 2–209. [22] [23] However, the Statute of Frauds must be complied with. Thus, a written contract is necessary if the contract as modified ...
Tax debt, alimony, spousal or child support and student loans are all typically ineligible for discharge. If your debt isn’t able to be discharged, it’s either due to the type of bankruptcy ...
Trending Now: This Is the One Type of Debt That ‘Terrifies’ Dave Ramsey. Debt Incurred Through Fraud or Deceit. If you file for bankruptcy, you cannot discharge debt incurred through fraud or ...
If you were to file for bankruptcy, you might experience an unwelcome shock in finding out this does not discharge all forms of debt. Those who carry certain debts are still held responsible for...
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.
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