Pennsylvania | Business Law
Legal Question
Ucc-1 form
What does filing a UCC-1 financial statement do for a business & what is it?
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Read More Answered By: Matthew Kelly |
Re: Ucc-1 form A UCC-1 is an instrument, filed with the state that records a secured party's interest in certain personal property. It is primarily used to secure a loan to a business, but sometimes is used to secure loans to individuals. E.g., if a bank loans a business money, in addition to perhaps taking a mortgage on any real property Real estate) the business has, the bank may also want to secure the loan by taking an interest in the personal property of the business; things like desks, chairs, computers, equipment, inventory, intellectual property etc. The bank (lender) would use a UCC-1 filing as proof to the world that it has such an interest. Important when things go bad and bank has to realize (sell, repossess) collateral. |
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