UCC-1 Statement

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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.

BREAKING DOWN '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.

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