Edit Legal South Carolina Secured Transactions Forms For Free

Uniform Commercial Code Filings - General Information These public notices, called financing statements, indicate a commercial agreement between a debtor and a secured party. Financing statements are filed by banks, mortgage companies, and other lending institutions against secured collateral.

The 1998 Revisions modified Article 9 to split the term chattel paper into ?electronic chattel paper? ?chattel paper stored in an electronic medium?and ?tangible chattel paper??chattel paper consisting of tangible writings.

PARTY BAILEES Article 9 of the Uniform Commercial Code often mention the shift from bailee notification of a security interest covering goods held in bailment to a consensual arrangement requiring the bailee's express consent to the secured party's interest.

Revisions to Article 9 In 2002, Article 9 was revised to substantially modernize and expand the scope of what can be used as collateral to include credit card receivables, electronic chattel paper, accounts receivable, and business inventory.

Over the years, it became clear that there need to be some amendments to address filing issues and other concerns. Thus Article 9 was further amended in 2010. Like the 1998 revisions, the 2010 amendments were adopted in all 50 states and the District of Columbia.

A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.