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. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center