Uniform Commercial Code File With Latitude
Description
How to fill out UCC1-AD Financing Statement Addendum?
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FAQ
UCC is an abbreviation for the ?Uniform Commercial Code,? which governs the transfer of Security Interests in personal property pursuant to state law.
The sale of 1,000 widgets from one company to another is a good example of a UCC application. UCC lien against collateral. A lien can be described as a right to keep a certain property belonging to another person until they pay a debt they own. UCC lien is a claim against business assets.
When a reference is to the uniform law or model code apart from its adoption and interpretation in a particular state, the citation should consist of the name of the uniform law or code (as abbreviated), section number, and the year that law or code (or major subpart) was promulgated or last amended. «e.g.» U.C.C.
Completed forms along with the applicable fees can be mailed to Secretary of State, UCC Section, P.O. Box 942835, Sacramento, CA 94235-0001 or delivered in person (drop off) to the Sacramento office, 1500 11th Street, Sacramento, CA 95814.
1 financing statement is a legal form that a creditor files to give notice that it has the right to take possession of and sell certain assets belonging to the debtor for the repayment of a specific debt.?