UCC1 - Financing Statement - Alabama - For use after July 1, 2001. This is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws.
Alabama UCC1 Financing Statement
State:
Alabama
Control #:
AL-UCC1
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Word;
PDF;
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Is A Ucc Filing Bad FAQ
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
The financing statement describes the types of collateral or personal property that is pledged against the value of the loan, and it identifies the parties that have an interest or stake in the collateral if the debtor defaults.
Searching Secretary of State Records Online. Locate the correct secretary of state's website. UCC financing statement forms must be filed in the state where the borrower is located. Most states have online directories of UCC filings available on the secretary of state's website.
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
Having a UCC filed on your business credit report can have negative effects in general on your overall credit risk, scoring and other associated risk analysis, (across all three business credit bureaus) and can even kill your chances at getting financing for your business.
When is a UCC-1 Filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
A UCC-1 financing statementalso sometimes referred to as a 'UCC-1 filing,' a 'UCC lien,' or simply a 'UCC-1'is a form that creditors use to create a lien against a debtor's property.
A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.