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A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
The most common method of perfection is through filing a financing statement (often referred to by its form number: UCC-1) in the appropriate state office (usually the office of the Secretary of State) in the U.S. state in which the debtor is located. See U.C.C. §§ 9-301, 9-310.
The passage of the UCC Act in Uttarakhand has elicited a wide range of reactions, both positive and negative. The BJP and its allies view the UCC as a progressive step toward achieving equality and eliminating discriminatory practices based on religion. [21] They believe it will promote national integration and simplify the legal system.
[55] [7] Furthermore, the idea of the UCC has been opposed by many NGOs and organizations. A group from Nagaland warned that it will burn the houses of all the 60 legislators in the state if the UCC gets implemented in the state. The Nagaland Transparency, Public Rights Advocacy and Direct-Action Organisation opposed the idea of the UCC, saying ...
The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions.
the principle of independence, which refers to the fact that a credit transaction is separate from the sale of goods or other form of contract financed by the credit facility; the principle that banks deal only in documents and not with the underlying exchange of property or other activity. [3]
The UCC was developed by UNESCO in 1952, adopted at Geneva, Switzerland, and came into force in 1955. [2] It was developed as an alternative to the Berne Convention for those states that disagreed with aspects of the Berne Convention but still wished to participate in some form of multilateral copyright protection. These states included ...