UCC-1 Statement (Financing Statement) - Definition
Written by Jason Gordon
Updated at December 18th, 2020
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What is a UCC-1 Statement?
A UCC-1 statement is a legal form or document that provides a creditor a claim to the property of a debtor. Restated, it is a form of lien that the creditor obtains as security for the business loan being offered.
Creditors file UCC-1 statements to claim collateral for a business loan. It can be filled against all sorts of personal proeprty. The provision of UCC-1 is contained in the Uniform Commercial Code (UCC).
Once a creditor files a UCC-1 statement, it is a notification that he wants to use the borrowers property as collateral for the loan issued. The local jurisdiction establishes procedures that creditors must adhere to when filing a UCC-1 statement.
Back To: COMMERCIAL LAW: CONTRACTS, PAYMENTS, SECURITY INTERESTS, & BANKRUPTCY
What are the requirements of the UCC-1?
The requirements for filing a UCC-1 statement are that details about the borrower and assets used must be included in the statement before it is filed and submitted to the appropriate agency.
What is a Specific Collateral Lien?
A specific collateral lien is filed against specific assets identified in the UCC-1 or lien document.
What is a Blanket Lien?
In a blanket lien, is a lien filed against a specific category or type of assets of the debtor.
Academic research for UCC-1 Statement
- Good faith performance and commercial reasonableness under the Uniform Commercial Code, Farnsworth, E. A. (1962). Good faith performance and commercial reasonableness under the Uniform Commercial Code. U. Chi. L. Rev., 30, 666.
- Analysis of Marketing Strategies and Advanced Retail Sales Processes to Improve Company A's Position in the Segment, Rouse, T. (2018).
- Analysis of Marketing Strategies and Advanced Retail Sales Processes to Improve Company As Position in the Segment (Doctoral dissertation, Kansas State University).
- A Comment on the jurisprudence of the Uniform Commercial Code, Danzig, R. (1974). A Comment on the jurisprudence of the Uniform Commercial Code. Stan L. Rev., 27, 621.
- Proceeds Under the Uniform Commercial Code, Henson, R. D. (1965). Proceeds Under the Uniform Commercial Code. Colum. L. Rev., 65, 232.
- Trade Usage and Custom Under the Common Law and the Uniform Commercial Code, Levie, J. H. (1965). Trade Usage and Custom Under the Common Law and the Uniform Commercial Code. NYUL Rev., 40, 1101.
- The Proposed Uniform Commercial Code Should Not Be Adopted, Beutel, F. K. (1952). The Proposed Uniform Commercial Code Should Not Be Adopted. Yale LJ, 61, 334.
- Some Comments on the Comments to the Uniform Commercial Code, Skilton, R. H. (1966). Some Comments on the Comments to the Uniform Commercial Code. Wis. L. Rev., 597.
- Buyer-secured party conflicts under section 9-307 (1) of the uniform commercial code, Dugan, R. (1974). Buyer-secured party conflicts under section 9-307 (1) of the uniform commercial code. U. Colo. L. Rev., 46, 333.
- Cutting Off Claims of Ownership Under the Uniform Commercial Code, Warren, W. D. (1962). Cutting Off Claims of Ownership Under the Uniform Commercial Code. U. Chi. L. Rev., 30, 469.