Uniform Commercial Code
The Uniform Commercial Code is the law governing various financial commercial transactions. A UCC essentially gives notice to the public that the secured party has an interest in the personal property of the debtor.
A UCC lien usually results when a secured party lends money to a debtor, and the debtor pledges collateral to the secured party or lender in exchange for the loan.
While a UCC is not a legal document and doesn’t need signatures, they still have serious ramifications. An improperly completed or filed UCC-1 will result in loss of your institutions perfected security interest.
Related Info:
Secured Party Searches
A Secured Party Search reveals UCCs that are filed by a specific secured party, rather than by debtor name.
Database Direct
Database Direct allows clients to perform name searches and obtain copies of UCCs and Tax Liens
Federal & State Tax Liens
Don’t leave your clients and company at risk by revealing potential Tax Liens.
Reminder:
Termination does not make a UCC inactive. A UCC is only made inactive upon it’s natural lapsing.
Learn more here: www.law.cornell.edu/ucc/9/9-515
NOT INTENDED TO PROVIDE LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH.
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