Insert Pages To Legal Nevada Secured Transactions Forms For Free

Remember: as long as an asset has a UCC lien filed against it, you're not allowed to transfer, sell, or use it as collateral for any other loan.

A UCC filing, also known as a UCC lien or a UCC-1, is a financing statement which lenders can file against your business with your secretary of state. When you take out a secured loan, the lender may file a lien to protect the asset(s) you committed to secure financing.

An Example of a UCC Lien Filing If you secure equipment financing, the lender will file a UCC lien to state that if the debt for the espresso machine is not repaid, the lender has the right to repossess the espresso machine or seize other assets from your business.

Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.

Fill in the debtor's name and mailing address. It may be an individual, or it may be in the name of a business or organization. If the loan is in the name of the business, include the business mailing address. There is space for additional debtors. Include them exactly as they appeared on the loan agreement.

The information required to file a UCC1 financing statement is: The debtor's name (only one may be entered). If the debtor is an organization, boxes 1e, f & g must be filled in. The address for the debtor, including mailing address, city, state and zipcode. The name of the secured party (only one may be entered).