Is a UCC financing statement a lien?

A UCC-1 financing statementalso sometimes referred to as a 'UCC-1 filing,' a 'UCC lien,' or simply a 'UCC-1'is a form that creditors use to create a lien against a debtor's property.

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Pennsylvania UCC1 Financing Statement Addendum

Pennsylvania UCC1 Financing Statement Addendum

Q: What is the purpose of a UCC financing statement?

If you&#039;re approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.

Q: Is a UCC financing statement a lien?

A UCC-1 financing statementalso sometimes referred to as a &#039;UCC-1 filing,&#039; a &#039;UCC lien,&#039; or simply a &#039;UCC-1&#039;is a form that creditors use to create a lien against a debtor&#039;s property.

Category:

Contracts - Uniform Commercial Code

State:

Pennsylvania

Control #:

PA-UCC1-A

Format:

Instant download

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Public form

Description

UCC1 - Financing Statement Addendum - Pennsylvania -For use after July 1, 2001. This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement.

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FAQ

If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.

A UCC-1 financing statementalso sometimes referred to as a 'UCC-1 filing,' a 'UCC lien,' or simply a 'UCC-1'is a form that creditors use to create a lien against a debtor's property.

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.

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.