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A UCC filing ensures you are a secured creditor and therefore in the best possible position to get paid. In addition, a Purchase Money Security Interest filing provides the priority right of repossession of your inventory or equipment at default or bankruptcy. You define default in your security agreement.

A UCC-Uniform Commercial Code-1 statement is a legal notice filed by creditors as a way to publicly declare their rights to potentially obtain the personal properties of debtors who default on business loans they extend.

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.

The price to file a UCC-1 varies in each jurisdiction. Generally, the fee will range from between $10 to $25 per filing. Some states and counties will charge an additional fee for each debtor that is listed on a form.

UCC stands for Uniform Commercial Code. It also covers secured transactions, where a lender gains the right to foreclose on a borrower's collateral should the borrower default on the loan. This is also called a security interest.

State filing turnaround times are important to keep in mind when filing a UCC. Depending on the method of submissionelectronic, U.S. Mail, courier or walk inthe filing turnaround time can be instantaneous (often in the case of electronic filing) or can take up to 30 days (in the case of paper forms filed in Vermont).

Lenders can file UCC liens against businesses or individuals. They work on a first-come-first-serve basis, so if there is a default, the first lender to file a UCC lien will have the first rights to that asset.

The UCC-1 Financing Statement is filed to protect a lender's or creditor's security interest by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain debtor.

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