A lender may correct or provide additional information to a previously filed UCC-1 by filing aUCC-5 Correction Statement. How It Works As an example, say that a lender gives you a loan to construct a storage shed on your property. The lender then files a UCC-1 financing statement with th...
Most creditors make a UCC filing when the loan originates. This allows the lender to have a higher priority on assets than future lenders if the borrower stops paying their bills. For example, if Bank A extends credit to a company in 2024 and Bank B extends credit to the same company in...
If the borrower breaches, then the lender has a number of rights and remedies. Sometimes, however, a lender overreaches. One example of an overreach is when a lender exerts control over the daily activities […] Read More 1 2 Next » ...
A secured party’s obligations with respect to a financing statement do not end with filing of the record.
functionalities. Through our membership of EurTradeNet, several national customs software associations and more, Descartes keeps up-to-date on the latest developments.Descartes is currently already offering the ICS solution in all EU member states, which will also support ICS2 and the multiple filing...
A UCC-1 Financing Statement requires just a few pieces of information. Each state’s UCC paperwork can and likely will be different, however here’s an example of what is required based on New York’s Department of State: Debtor’s name: This can be either an organization (partnership, co...
There are various scenarios that could arise in which debtors may want/need to terminate a UCC filing on themselves. For example, what if a secured party does not terminate a valid UCC-1 after all outstanding liabilities and debts have been satisfied and no new debt is to be incurred? Just...
It can be difficult to understand the nuance of both filing and searching Uniform Commercial Code (UCC) financing statements (also known as UCC3s).
that is purpose-built to operate as an equivalent to software executing on a general purpose processor. For example the functions of one or more processors presented in FIG. 1 can be provided by a single shared processor or multiple processors. (Use of the term “processor” should not be ...
Filing a UCC-1 statement allows creditors to collateralize or “secure” their loan by utilizing the personal property assets of their customers. In the event of a customer defaulting on their loan or filing for bankruptcy, a UCC-1 elevates the lender’s status to a secured creditor, ensuring...