A UCC filing, also known as a UCC lien or a UCC-1, is a financing statement which lenders can file against your business with your secretary of state. When you take out a secured loan, the lender may file a lien to protect the asset(s) you committed to secure financing. This might...
A UCC filing is the official notice that lenders use to demonstrate their security interest in a borrower’s assets.
A UCC filing is submitted to the Secretary of State in the state where the borrower is located, regardless of where the creditor is. The lien filing process may vary by state. Some places require a paper filing, while other states have moved to a digital process. What is the impact of ...
A UCC filing, or UCC lien, is a part of that collection of laws that refers to a kind of temporary claim which a lender may place on certain assets. When you borrow from a lender, they may decide to place a UCC-1 lien on your property and, in exchange, provide you with a loan ...
What Is A UCC 1 Filing? For lenders, a UCC 1 establishes them as a secure party in a loan transaction. It’s a financing statement where a lender informs interested parties that they have a security interest in one or more assets in their possession. The personal item is held against th...
UCC insurance is a type of protective insurance policy that is used to cover security interests in personal property. The way UCC...
A UCC-1 filing remains in effect forfive years. If the loan is still active, the lender must file aUCC-3 Filing Statement Amendmentat least six monthsbefore the expiration date to continue the filing or it lapses automatically. When the loan is paid in full, the lender files a UCC-3 Fi...
Here are several specific reasons why UCC 9-310 is important: Protects the Rights of Debtors UCC 9-310 provides a mechanism for debtors to remove liens or security interests from their property once they have fulfilled their obligations to the creditor. This protection ensures that debtors regain...
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A true UCC solution is more than a tool to help business growth. It should evolve with your company and address new challenges as you scale. Make sure your UCC solution offers robust, seamlessly integrated features fitting your requirements while improving your efficiency and productivity. It goes...