Add Markups Legal Massachusetts Secured Transactions Forms For Free

Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.

A secured transaction is typically a loan or financing agreement in which an asset, such as real estate, a vehicle, or other property, is used as collateral for the loan.

A UCC financing statement — also called a UCC-1 financing statement or a UCC-1 filing — is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.

Secured transactions are voluntary transactions. Both the creditor and the debtor agree to it ahead of time. In contrast, judicial liens are involuntary for the debtor and are the result of judicial order. Here is an example of a secured transaction: I ask you to lend me $5,000.

(Article 9) The filing of a financing statement covering goods that are or are to become fixtures and satisfying Section 9-502(a) and (b). The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures.

Article 9 of the UCC governs secured transactions, including procedures for settling debts. Under Article 9, if a debtor defaults on debt, the creditor may repossess the secured property. Louisiana State University Law School. "Louisiana's Non-Uniform Variations in U.C.C.

Default itself is not defined in Article 9 of the UCC; rather, Article 9 leaves to the parties the task of determining—typically in the security agreement or other related document—the situations in which the debtor's failure to live up to its end of the bargain may entitle the secured party to exercise remedies ...

Uniform Commercial Code Article 9 provides a statutory framework that governs secured transactions--transactions that involve the granting of credit secured by personal property. Each state maintains an office for filing finance statements to publicly disclose security interests in encumbered property.

Article 9 – Multiple Contracts Subject to the provisions of Articles 6(3)-6(7) and 23(4), claims arising out of or in connection with more than one contract may be made in a single arbitration, irrespective of whether such claims are made under one or more than one arbitration agreement under the Rules.