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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.
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 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 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.
The "Father of Texas", Stephen F. Austin, was appointed Secretary of State of the Republic of Texas by President Sam Houston in 1836. [10] Since then, Texas became a state of the United States in 1845 and there have been 115 Secretaries of State. [1]
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 ]
Bulk transfers in the United States (U.S.) were generally governed by Article 6 of the Uniform Commercial Code (UCC). However, Article 6 has now been repealed by most states, [ 2 ] [ 3 ] in favor of revisions to other provisions of the UCC that apply to sales and secured transactions.
Strict foreclosure in the law of security interests in the United States, is the foreclosure of personal property that is subject to such an interest. This is permitted under Article 9 of the Uniform Commercial Code. [1]