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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).
UCC lien filing, if applicable: This refers to the paperwork filed under the Uniform Commercial Code formalizing the lender’s right to your collateral in the event of non-payment. The lender ...
Some lenders require a Uniform Commercial Code (UCC) lien filing to formalize their right to your collateral if you default. The lender should generate this as a part of your loan’s closing ...
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.
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 lender may also require a blanket Uniform Commercial Code (UCC) lien to be applied to your loan. This blanket lien secures the loan broadly with all business assets, rather than securing it ...
In addition to the basic lien-priority coverage, UCC insurance covers many of the risks associated with the perfection of a security interest through the central filing system, such as the authorized execution of the lien-granting document by the debtor, misindexed filings, unauthorized termination statements filed against the record, the ...
The rights of a holder in due course of a negotiable instrument are qualitatively, as matters of law, superior to those provided by ordinary species of contracts: