UCC-1 Statement

AAA

DEFINITION of 'UCC-1 Statement'

One of the standard mortgage documents listed in the Uniform Commercial Code. The UCC-1 Statement lists and describes any personal property that is provided by the borrower as collateral for the loan. This document must be filed with either the Secretary of State or another appropriate official.

INVESTOPEDIA EXPLAINS 'UCC-1 Statement'

The UCC-1 is also known as the financing statement for the loan. This form must be time-stamped and assigned a file number. This secures the lender's claim to the assigned collateral.

RELATED TERMS
  1. Mortgage

    A debt instrument, secured by the collateral of specified real ...
  2. Lender

    Someone who makes funds available to another with the expectation ...
  3. Perfected Lien

    A security interest in the collateral that is used to secure ...
  4. Bank

    A financial institution licensed as a receiver of deposits. There ...
  5. Financing

    The act of providing funds for business activities, making purchases ...
  6. Forbearance

    A temporary postponement of mortgage payments.
Related Articles
  1. A Guide To Debt Settlement
    Credit & Loans

    A Guide To Debt Settlement

  2. How To Establish A Credit History
    Options & Futures

    How To Establish A Credit History

  3. Investing In Securitized Products
    Insurance

    Investing In Securitized Products

  4. Personal Loans: To Lend Or Not To Lend?
    Retirement

    Personal Loans: To Lend Or Not To Lend?

comments powered by Disqus
Hot Definitions
  1. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  2. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  3. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  4. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  5. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  6. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
Trading Center