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In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

Steps Download the UCC-1 form. Provide direct contact information if desired. Fill in the debtor's name and mailing address. List the name and address of the secured party. Indicate the collateral covered by the financing statement. Include applicable descriptions of the transaction. Fill out an addendum if necessary.

Let's say a borrower puts up his house as collateral. A UCC filing could state that the borrower's home is foreclosed on in the event of a default or bankruptcy. It could also state that the house is seized or just sold off. UCC filings are active for five years.

If you don't file the UCC-1 financing statement on time, you can lose priority should the debtor default or file bankruptcy. UCC-1 filings are often subject to a “first to file” rule, so timing is critical.

Enter individual Debtor's family name (surname) in Last Name box, first given name in First Name box, and all additional given names in Middle Name box. For both organization and individual Debtors: Don't use Debtor's trade name, DBA, AKA, FKA, Division name, etc.

Key Takeaways. A Uniform Commercial Code-1 (UCC-1) statement is a public legal notice filed by creditors that declares their right to seize assets in default. UCC-1 forms are mainly used to simplify collection processes. UCC-Forms must be filed with agencies in the state where the borrower's business is incorporated.

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.

The UCC was drawn up and ratified by most states in the 1950s. A recent addition to the code covers corporate electronic payments. The UCC undergoes frequent revisions that address specific articles. Under Article 9, if a debtor defaults on their debt, the creditor may repossess the secured property.

Article 9 of the Uniform Commercial Code requires a financing statement to include the name of the debtor. It is important to set forth the exact legal name of the debtor in any filings that are made.