The term UCC filing is a very important one when business credit reports are concerned. This article will provide various useful facts about the term and also reflect on the consequences of its presence in the business credit reports.
UCC Filing
A UCC Filing is a legal notice that a creditor files for ensuring their security interest against a property owned by the debtor. The creditor needs to file this legal document with the secretary of the state that gives a clear indication to the person borrowing the money. A UCC filing can also be termed as a document of interest or lien for an asset that is used by the debtor.
What is the meaning of UCC?
The term UCC is the abbreviation of the Uniform Commercial Code. This code has been created by the government for harmonizing the sales and leases related to various products. The economy of the United States is growing aggressively, and thus there is a strict need for enacting laws that can control the business transactions effectively. UCC is one such act that has been created for maintaining uniformity in various transactions taking place in businesses.
There are 11 articles put together in UCC and all of them depict the languages of various types of business transactions. All of these articles appeal to the needs of a certain kind of lender or debtor, and the UCC filing is framed accordingly.
How do UCC Filings have an impact on the credit score of a business?
UCC-1 is used for protecting the interests of the creditor in a case when the debtor is bankrupted. In such a situation, the properties of the latter shall be seized or sold or recovering the credit amount. If a business credit report shows a UCC filing on it, then it will give a clear indication to the creditors that the business is not doing well financially.
Doc.u.search has got a trained team that helps clients in gathering accurate information about UCC filings.
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