UCC Schedule
About this form
The UCC Schedule is a document that serves as a supplementary list to the UCC-1 Financing Statement. It encompasses all the property covered by the financing statement and outlines the borrower's alternative provisions. This form is essential for securing interests in property and ensuring that all relevant assets are properly documented in financing transactions.
Main sections of this form
- Schedule to UCC-1 Financing Statement: Includes a detailed list of covered property.
- Borrower's Alternative Provisions: Outlines optional clauses related to the property.
- Property Description: Specifies machinery, equipment, and other personal property linked to a real estate loan.
- Revenue and Income Rights: Details on rents and profits generated from the mortgaged property.
- Insurance and Eminent Domain Rights: Rights to insurance coverage and compensation from property value loss.
When to use this document
This form is typically used in financial transactions involving secured loans where the lender requires collateral documentation. It is essential when filing a UCC-1 Financing Statement to ensure all included assets are clearly identified, providing protection for the lender in case of borrower default.
Intended users of this form
- Lenders looking to secure their interest in the borrower's property.
- Borrowers who need to document property included in a loan agreement.
- Real estate professionals involved in financing transactions.
- Attorneys representing clients in secured financing matters.
How to prepare this document
- Identify the parties involved: Enter the names of the borrower and lender.
- Specify the property: Provide a detailed description of the property covered.
- Include alternative provisions: If applicable, add any special provisions desired by the borrower.
- Detail revenues and rights: List any income or rights associated with the property.
- Review for completeness: Ensure all sections are filled out accurately before submission.
Is notarization required?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include all relevant property in the schedule.
- Not clearly describing alternative provisions or missing them entirely.
- Submitting unsigned or improperly executed documents.
- Overlooking specific state regulations and requirements for UCC filings.
Why use this form online
- Convenience: Access and complete forms anytime from your device.
- Editability: Easily customize the form to fit specific needs and circumstances.
- Reliability: Obtain forms drafted by licensed attorneys to ensure legal compliance.
Legal use & context
- The UCC Schedule is used in secured transactions to clarify the assets involved.
- Proper use of this form helps in preventing disputes over property rights.
- This form increases the lender's security in the event of borrower default.
Quick recap
- The UCC Schedule is vital for fully documenting secured financing agreements.
- Understanding the contents and requirements of the form ensures legal protection.
- Utilizing this form can facilitate smoother financial transactions between borrowers and lenders.
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FAQ
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
Having a UCC filed on your business credit report can have negative effects in general on your overall credit risk, scoring and other associated risk analysis, (across all three business credit bureaus) and can even kill your chances at getting financing for your business.
Filer Information. Name and phone number of contact at filer. Email contact at filer. Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term UCC filing comes from the uniform commercial code.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
Why file a UCC-3 form? The UCC-3 is the Swiss-Army-Knife of forms. Unlike a UCC 1, a UCC 3 can be used for multiple purposes. The actions one can take are Amendment, Assignment, Continuation, and Termination.
A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term UCC filing comes from the uniform commercial code.
A UCC lien is a claim against your business assets under the U.S. Uniform Commercial Code.If you borrow money, a UCC filing simply lets the lender establish a priority claim on your assets. If your company goes belly up, the lien makes it easier for the lender to collect its due.