Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Find a Job
  • Tutoring
  • Home
  • Law, Transactions, & Risk Management
  • Commercial Law: Contract, Payments, Security Interests, & Bankruptcy

UCC-1 Statement (Financing Statement) - Explained

What is a Financial Statement?

Written by Jason Gordon

Updated at April 6th, 2023

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More

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 property. 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.

Related Topics

  • Secured Transactions Law (Intro)
  • What is a Security Interest?
  • Collateral 
  • Pledge as Collateral
  • Collateralize
  • Cross Collateralization
  • After-Acquired Collateral
  • Unsecured Loan Definition
  • Unencumbered Asset
  • What is a Secured Creditor?
  • Unsecured Creditor
  • What are the benefits of security interests for creditors?
  • Limited Recourse Debt
  • Uniform Commercial Code - Article 9
  • What are the common types of security interest in real property (land)?
  • What is a mortgage?
  • How does a security interest protect the mortgage holder?
  • Lis Pendens
  • Deficiency Judgment
  • What is a Deed of Trust or Security Deed?
  • What is a Land Sale Contract?
  • What is a security interest in personal property?
  • How does one establish a security interest in personal property?
  • What is Perfection of a security interest?
  • What are the methods of perfecting a security interest in personal property?
  • UCC-1 Statement
  • How does one establish a security interest in real property (land)?
  • Register of Deeds
  • What is Automatic Perfection of a security interest?
  • What is a Purchase Money Security Interest (PMSI) in consumer goods?
  • What is a Purchase Money Grace Period for a PMSI in non-consumer goods?
  • How does one continue perfection of a PMSI in non-consumer goods?
  • What is Temporary Automatic Perfection in Proceeds from the sale of goods?
  • How is a security interest created in Assignment of Accounts Receivable and Contract Rights?
  • How does one perfect a security interest by Possession of the collateral?
  • How does on perfect a security interest by Control of collateral?
  • How does one perfect a security interest by Filing a Financing Statement?
  • What authorization is required to file a financing statement?
  • Where is the appropriate office to file a financing statement?
  • Defeasance
  • Continuation Statement
  • What is Priority of a security interest?
  • What role does perfection play in establishing the Priority of a secured party?
  • What are the common conflicts arising as to priority of a security interest?
  • What is the priority of parties secured by common law and statutory liens?
  • Lien - Definition
  • Blanket Lien Definition
  • Unperfected Lien
  • Possessory Lien 
  • Non-Possessory Lien 
  • Tax Lien
  • Mechanics Lien Definition
  • Construction Lien
  • Cloud on Title
  • What is the priority of a buyer of collateral that is subject to a security interest?
  • What is required to be a buyer in the ordinary course of business?
  • How does 9-320(b) protect consumers who purchase goods from other consumers?
  • What is the Shelter Principle?
  • What are the general Priority Rules for Conflicting security interests?
  • Subordination Agreement
  • Who has Priority in Proceeds from the sale of collateral?
  • What is a secured party's priority in future advances to a debtor?
  • What is the priority of a PMSI in goods (other than inventory and livestock)?
  • What is the priority of a PMSI in inventory?
  • What is the priority of conflicting PMSIs?
  • What is the priority of security interests in fixtures?
  • What is the scope of fixture priority rules?
financing statement ucc-1 statement

Was this article helpful?

Yes
No

Related Articles

  • After-Acquired Collateral - Explained
  • Holder in Due Course - Notice of Valid Defense
  • Interpreting What a Contract Means
  • What is a Contract?



©2011-2023. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand