What does UCC lien mean?

A UCC lien is a claim against your business assets under the U.S. Uniform Commercial Code. That doesn't mean the repo man is coming to take your stuff. If you borrow money, a UCC filing simply lets the lender establish a priority claim on your assets.

Can you sell an asset with a UCC lien?

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.

Alameda California Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files

Name: Alameda California Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files
Brand: US Legal Forms
Rating: 4.56 (415 reviews)

Category:

Oil Gas and Minerals - Deeds

State:

Multi-State

County:

Alameda

Control #:

US-OG-1203

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Instant download

Description

This form is used for liens and mortagages.

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A UCC lien is a claim against your business assets under the U.S. Uniform Commercial Code. That doesn't mean the repo man is coming to take your stuff. If you borrow money, a UCC filing simply lets the lender establish a priority claim on your assets.

UCC filings or liens are legal forms that a creditor files to give notice that it has an interest in the personal or business property of a debtor. Essentially, UCC lien filings allow a lender to formally lay claim to collateral that a debtor pledges to secure their financing.

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.

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 is a legal statement that a lender would file when you take out a business loan that requires you to put up some or all of your business assets as collateral. A UCC filing gives the lender the right to claim those assets if you default on your payments.

A UCC filing creates a lien against the collateral a borrower pledges for a business loan. The uniform commercial code is a set of rules governing commercial transactions. When a business owner receives financing secured by collateral, a lender can file a UCC lien against the assets pledged by the business owner.

Having a UCC-1 filing or lien tied to your name or business isn't necessarily a bad thing. It's simply a public record stating that a lender has the rights to certain assets until that loan is repaid. That record will also show if the loan has been repaid or not.

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For more resources to assist purchasers and sellers in completing a commercial real estate purchase and sale transaction in California, see:. Of filing a chattel mortgage in the County Recorder's office.The lender or secured party files the Financing Statement on Form UCC–1 and generally keeps. Completing the review, audit, or examination. Tion to mortgage deed. This information is provided for the use of mortgage professionals only and is not intended for distribution to consumers or other third parties. 10.11A(a) Indenture of Mortgage, Deed of Trust, Security Agreement,. Financing Statement, Fixture Filing and Assignment of. Rents. 10. Transaction will only acquire the assets described in the acquisition agreement. STATEMENT HAS BEEN APPROVED BY THE BANKRUPTCY COURT.

Alameda California Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files

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