Why do I need to file a UCC 1?

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.

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District of Columbia UCC1 Financing Statement

District of Columbia UCC1 Financing Statement

Name: District of Columbia UCC1 Financing Statement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.68 (468 reviews)

Category:

District of Columbia Contracts - Uniform Commercial Code

State:

District of Columbia

Control #:

DC-UCC1

Format:

Instant download

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Description Ucc1 Washington Dc

Financing Statement form for reporting a security interest to be filed with the District of Columbia filing office.

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Dc Ucc Filing Other Form Names

Florida Ucc Statement Request Form Ucc Search Washington Dc Ucc1 Form Washington Dc Recorder Of Deeds Ucc Financing Statement Form Ucc1 Filing In Dc Washington Dc Financing Statement 2016047573 Washington Dc Ucc

Washington Dc Ucc 1 Form FAQ

A UCC-Uniform Commercial Code-1 statement is a legal notice filed by creditors in an effort to publicly declare their right to seize assets of debtors who default on loans.These forms must be filed with agencies located in the state where the borrower's business is incorporated.

You should file a UCC-1 Financing Statement with the secretary of state's office in the state where the debtor is incorporated or located. If the collateral is real property, then you should also file a UCC-1 with the county recorder's office in the county where the debtor's real property is located.

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.

Security interest filings in Washington, DC are filed with the Recorder of Deeds (ROD). If you have a UCC against real property, better known as a fixture filing, this would be filed in the land records of the ROD, while others are found in the chattel records (yes, DC still uses the word chattel).

UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.

UCC-1 Financing Statements are commonly referred to as simply UCC-1 filings. UCC-1 filings are used by lenders to announce their rights to collateral or liens on secured loans and are usually filed by lenders with your state's secretary of state office when a loan is first originated.

Often, secured parties use UCC-1 financing statement forms to achieve perfection of security interest outlined in a security agreement. Prepared and signed by both parties, this form includes the following information: The debtor's name (either the name of an organization or an individual taking on debt).

The financing statement is generally filed with the office of the state secretary of state, in the state where the debtor is located - for an individual, the state where the debtor resides, for most kinds of business organizations the state of incorporation or organization.

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.

District of Columbia UCC1 Financing Statement

Description Ucc1 Washington Dc

Where Do You File Ucc Financing Statements In Washington Dc Related forms

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Dc Ucc Filing Other Form Names

Washington Dc Ucc 1 Form FAQ

What is a UCC filing statement?

How do I file a UCC-1 financing statement?

When must a UCC-1 financial statement be filed?

Where do you file UCC financing statements in Washington DC?

Does a UCC financing statement need to be signed?

Who filed UCC financing?

Is a UCC financing statement a security agreement?

Where should UCC financing statements be filed?

Why do I need to file a UCC 1?

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