Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor’s assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the “creditor” of the creditor’s interest in the property. There are several types of UCCs. The common one is UCC-1. \u00a0A UCC-1 can be described as a financing statement or UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor\u2019s personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan such as working capital or a lease.<\/p>\n","protected":false},"excerpt":{"rendered":"
Filings allow creditors to notify other creditors about a debtor’s assets used as collateral for a secured transaction. UCC liens filed with… […]<\/p>\n