Who needs a UCC-1 Form?
A UCC-1 Form, which is a short name for Uniform Commercial Code-1 Financial Statement, is designed for filling by lenders (or creditors) who want to give notice of their interest in the personal property of a debtor. These parties are identified in the agreement recording the credit.
What is the Statement Form UCC-1 for?
This form needs to be filed in order to legally establish a security interest in the defined personal property (e.i. collateral) and to claim priority if a debtor defaults or goes bankrupt.
Is the Financial Statement UCC-1 Form accompanied by other forms?
It is not necessary to accompany the Financial Statement by any other forms or supporting documents. But there is one exception, in order to add multiple debtors or secured parties it is necessary to fill out and attach Additional Party Form UCC-3.
When is Form UCC-1, Financial Statement due?
The UCC-1 statement does not have a particular deadline for submission.
How do I fill out the UCC1 Form online?
The standard fillable financial statement form must cover the following items:
- Debtor (name, address)
- Secured Party (name, address)
Where do I send the Form UCC-1?
After the completion, the fillable UCC-1 should be sent to the local Secretary of State’s office.