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What Is A Ucc-1 Filing? How Do Ucc Liens Work? - Valuepenguin: What You Should Know
What is a UCC-1 financing statement: A UCC-1 financing statement is a type of financing statement in which a debtor agrees to participate in a secured sale of his or her asset(s). There is usually a “commitment by the debtor to purchase the asset.” “The UCC-1 statement is a document that specifies that a customer has agreed to participate in a secured sale of their assets.” The most well-known use of the UCC document, as well as the one that is often used by commercial lenders, is for a consumer to accept the terms of a loan as part of a prearranged purchase agreement. A bank could offer to lend your customer money in exchange for him or her agreeing to purchase his or her house in order to get that bank to guarantee the loan. If the customer agrees to buy the house, the bank is now secured by the property. UCC-1 Statement Definition — Investopedia In addition to commercial lenders, the UCC-1 can also be used by companies in the real estate, construction, and other industries. This type of document can help a debtor and a creditor secure ownership of an asset. The first important thing to understand when considering a transaction with a secured creditor is what type of assets is involved. A secured creditor can secure property based on a loan, the value of which depends on where the asset is located. The UCC-1 can be filed against an individual's single asset, but can also be filed against an individual's multiple asset. In the case of a property, a UCC-1 is often filed against an entire property. A UCC-1 statement can also be filed for an entire business or an individual's entire portfolio of assets. You can read more about the UCC-1 loan form here or about the process here.
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