Discharging Debt With Ucc
Description
How to fill out Order Discharging Debtor Before Completion Of Chapter 12 Plan - Updated 2005 Act Form?
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FAQ
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.
For purposes of the UCC the ?debtor? is a ?person? who has an interest in the collateral. 9-102(28) A ?person? includes an ?organization,? and an estate is an ?organization.? 1-201(30) and 1-201(28). It is clear, therefore, that an ?estate? can be the ?debtor.?
Fill in the debtor's name and mailing address. It may be an individual, or it may be in the name of a business or organization. If the loan is in the name of the business, include the business mailing address. There is space for additional debtors. Include them exactly as they appeared on the loan agreement.
Uniform Commercial Code1 (UCC1) statement is a legal notice filed by creditors in an effort to publicly declare their right to seize assets of debtors who default on loans. UCC1 notices are typically printed in local newspapers, in an effort to publicly express a lender's intent to seize collateralized assets.
Courts can issue a discharge ruling when the debtor meets the discharge requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, or the ruling is based on a debt canceling. A canceling of debt happens when the lender agrees that the rest of the debt is forgiven.