A UCC Financing Statement is used when selling goods to another in which the goods are financed, and collateral is necessary. It sets forth all information regarding the transaction, including the specific goods sold and all collateral held as security.
Why do we file UCC – 1 Financing Statements?
- To perfect a security interest as required by Article 9
- To put creditors on notice of rights in collateral
- To gain priority over 3rd party creditors
What is UCC -1 is:
- A standard form used across all 50 states (careful of variations)
- A legal document and a public record
- Composed of an initial financing statement (UCC-1) and any filed record relating to the initial financing statement. (UCC-3, UCC-5,etc. )
- Prepared against the exact legal name of the debtor
Requirement for “Legal Sufficiency”
- Name of the debtor, and
- Name of the secured party, and
- An indication of the collateral covered by the financing statement.
Section 9-102. Definitions
(12) “Collateral” means the property subject to a security interest or agricultural “lien”. The term includes:
- Proceeds to which a security interest attaches;
- accounts, chattel paper, payment intangibles, and promissory notes that have been sold, and
- Goods that are the subject of a consignment.
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