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What is the UCC-1 Form?
The UCC-1 form, which is an abbreviation for the Uniform Commercial Code-1 Financial Report, is intended to be completed by creditors who have to notify their interest in the personal property of the debtor. These parties are indicated in the loan registration agreement.
What I need the UCC-1 for?
The UCC-1 form must be filed in order to legally establish a security interest in a particular personal property and require priority if the debtor defaults or goes bankrupt. There is no need to accompany the financial report with any other forms or supporting documents. But there is one exception, in order to add several debtors or secured parties, it is necessary to fill out and attach the form of the additional UCC-3 form.
Filling out the UCC-1
To complete the UCC-1 form, provide the following information:
- Debtor’s name and address;
- Secured Party name and address;
- Insurance guarantee.
Organizations that work with UCC-1
Secretary of State’s office.
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Fillable online UCC-1 Form