UCC-1

UCC-1

n. a financing agreement form for using personal property (eg. equipment) to secure a loan under the provisions of the Uniform Commercial Code (UCC) adopted in almost all states.

References in periodicals archive ?
The Secretary of State's office will no longer accept the 2008 version of its UCC-1 and UCC-3 forms.
Creditors use a UCC-1 form to give notice of financial interest in property, while a UCC-3 form is used to document changes to a UCC-1 filing, such as termination or transfer of the loan.
In such cases, the lender records a UCC-1 on ACRIS to evidence its security interest in the borrower's shares of stock in the cooperative corporation, which acts as collateral for the loan.
UCC-1 Financing Statements are short, standardized forms, that can
When a UCC-1 is fraudulently terminated, the correction process is cumbersome.
Once a UCC-1 is terminated, the New York City Department of Finance does not allow any subsequent amendments to the original filing.
This allows the filer to document that the termination was wrongly filed and direct examiners to the CRFN of the new UCC-1 filed to represent the old/original loan.
In general, a lender must file a UCC-1 Financing Statement describing the collateral with the secretary of state of the state in which the borrower resides in order to perfect a security interest.
Thus, security interests should be perfected by recording UCC-1 Financing Statements.
Therefore, the proper method of perfecting a security interest in a trademark is through the filing of a UCC-1.
Copyright Office, a UCC-1 filing is the proper way to perfect a security interest.
Thus, one federal court of appeals has indicated that a state UCC-1 filing is sufficient to perfect a security interest in a patent against subsequent lien creditors.