The Maryland UCC1 — National UCC Financing Statement is a form used to secure a personal property interest of a debtor (the debtor who is making payments) to a creditor (the entity who is receiving payments). This form is used to perfect a security interest that can be enforced in the event of a default in payment. It is also referred to as a lien. There are two types of Maryland UCC1 — National UCC Financing Statement and instructions. The first type is the short form, which is used when the debtor is a natural person (not a company or other type of legal entity). This form is used to simply state the type of collateral being used to secure the debt and the name of the debtor and secured party. The second type is the long form, which is used when the debtor is a legal entity, such as a corporation, limited liability company, or other type of business organization. This form is more detailed and includes additional information such as the address of the debtor, the type of collateral, the name of the secured party, and the effective date and expiration date of the security interest. Instructions for completing the Maryland UCC1 — National UCC Financing Statement are included in the form. Generally, they include information on how to fill out the form, what documents are required to be attached with the form, and how to file the form with the Maryland Secretary of State.
Maryland UCC1 - National UCC Financing Statement and instructions
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A Uniform Commercial Code filing?or UCC filing?is a form of notice that lenders use when securing a borrower's loan with an asset or group of assets. This enables lenders to seize the listed property as a way of recouping loan funds in the case of borrower default.
How to complete a UCC1 (Step by Step) 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.
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
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.
What is the Uniform Commercial Code? The Uniform Commercial Code (UCC) provides a central location in Maryland for filing a public notice of a secured transaction.