The Uniform Commercial Code (UCC) is a set of standardized rules that apply to most commercial transactions in the US, aiming to eliminate confusion and conflict between state laws relating to commerce and sales. It covers a range of topics and has been adopted by all states except Louisiana. The UCC is maintained and revised […]
A UCC 1 is a formal agreement in the US to use personal property as collateral for a loan. The form requires basic information about the debtor, the collateral, and any assignees. It can be extended or renewed before it expires, and updates can be made with a UCC 3 statement. A Uniform Commercial Code […]
A Uniform Commercial Code (UCC) funding statement is a legal document used by lenders to notify their lien against personal property offered as collateral. It is filed with the Secretary of State or county and gives public notice of the relationship between creditor and debtor. The purpose is to protect the lender’s interest, but filing […]
The UCC Filing Guidelines provide instructions for completing UCC forms, including the name of the obligor, secured party, and collateral. Each state requires compliance with these guidelines, and the name must be the exact legal name to avoid confusion. The purpose of filing the UCC is to disclose a security interest to the public. The […]
The Uniform Commercial Code (UCC) streamlines commercial transactions between US states. Article 2 of the UCC regulates the sale of goods and has been adopted by all states except Louisiana. Different rules apply depending on whether the seller is considered a trader. Four warranties apply, but only two apply to non-commercial sellers. The Uniform Commercial […]
A UCC 1 agreement is a written deposit that declares a lender’s interest in a borrower’s property used as collateral for a loan. It creates a lien, securing the loan, and debtors file it with the secretary of state. The agreement must provide information about the debtor, property, and debt. When the debt is paid, […]
UCC insurance covers security interests in personal property, excluding real estate, and is designed to cover risks involved in owning a security interest, including attachment, perfection, and priority. It is named after the Uniform Commercial Code and can also be used by companies purchasing assets. UCC insurance covers security interests in personal property. This is […]
