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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 Pennsylvania Consolidated Statutes are the official compilation of session laws enacted by the Pennsylvania General Assembly. [1] Pennsylvania is undertaking its first official codification process. [2] [3] It is published by the Pennsylvania Legislative Reference Bureau [4] (PALRB or LRB). [5] Volumes of Purdon's Pennsylvania Statutes ...
Such as someone uses their car valued at $30,000, while the lien is for $40,000, meaning $10,000 of the debt is unsecured. Claims also can be oversecured, where the value of the collateral is worth more than the amount due for the lien. [5] Example, someone uses their boat valued at $50,000 for a lien valued at $45,000, making $5,000 oversecured.
UCC Article 9 replaced a wildly diverse array of security devices that had evolved in the various states during the 19th and early 20th centuries, in response to the reluctance of U.S. courts to enforce general nonpossessory security interests as either against public policy or because they were perceived as fraudulent conveyances. [2]
In addition to the basic lien-priority coverage, UCC insurance covers many of the risks associated with the perfection of a security interest through the central filing system, such as the authorized execution of the lien-granting document by the debtor, misindexed filings, unauthorized termination statements filed against the record, the ...
Trump rallied supporters in Novi, Michigan and State College, Pennsylvania on Saturday, while Harris held a get-out-the-vote rally with former first lady Michelle Obama in Kalamazoo, Michigan.
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.