What is a UCC-1 Statement?
How Does a UCC-1 Statement Work?
Let's say Company XYZ is a restaurant chain. It borrows $5 million from Bank ABC, which requires Company XYZ to pledge all of its kitchen equipment as.
In order to record the fact that the kitchen equipment is Bank ABC's collateral, the bank files UCC-1 statements with the Secretary of State in the state in which they do business.
UCC stands for Uniform Commercial Code.
Why Does a UCC-1 Statement Matter?
Personalized Financial Plans for an Uncertain Market
In today’s uncertain market, investors are looking for answers to help them grow and protect their savings. So we partnered with Vanguard Advisers -- one of the most trusted names in finance -- to offer you a financial plan built to withstand a variety of market and economic conditions. A Vanguard advisor will craft your customized plan and then manage your savings, giving you more confidence to help you meet your goals. Click here to get started.
Read This Next
The dumbest investing mistake I ever made was opening a Roth IRA account. It seems like a smart decision, right? Set up an account that...Read More →
Looking to get a little more bang for your saved buck? Depositing your hard-earned dollars in an online bank might be worth a long look if you're seeking higher yields. Today, many of the...Read More →
As hackers continue to perfect their craft, credit card fraud continues to be an easy way for crooks to get fast cash. But there's one kind of fraud that's potentially much more dangerous...Read More →