UCC-1


UCC-1
USA
UCC-1, Also known as a UCC-1 financing statement and a financing statement.
A record or records composed of an initial financing statement and any filed record relating to the initial financing statement (UCC § 102(39)). In accordance with the UCC, a UCC-1 is filed in order to perfect a lender's security interest in certain collateral of the borrower.
For further information, see Practice Note, UCC Creation, Perfection and Priority of Security Interests (www.practicallaw.com/6-381-0551).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

UCC-1
n.
   a financing agreement form for using personal property (e.g. equipment) to secure a loan under the provisions of the Uniform Commercial Code (UCC) adopted in almost all states.

Law dictionary. . 2013.

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