What is a UCC1 Financing Statement?

By | January 22, 2008

A UCC1 Financing Statement (Uniform Commercial Code-1) is a legal form that creditors file when giving notice that they have an interest (“security interest”) in the personal property of a delinquent debtor.  This form is filed in order to “perfect” a creditor’s “security interest” by giving public notice that there is a desire to take possession of certain assets for repayment of a specific debt.  Once the form has been filed the creditor may move forward in the process of appropriating the “perfected” assets of a debtor that is of equal value to the debt owed.

You can find UCC forms by clicking here