Also known as: UCC-1 · UCC1 · UCC financing statement · financing statement · UCC-1 form
Written by attorneys — see sources below.
A standardized document filed with a designated state office to provide public notice of a security interest in personal property or fixtures. Filing the form perfects the security interest against third parties when required by Article 9.
Freeman Engineering grants Fisher Foods a security interest in its manufacturing equipment to secure a loan. Fisher Foods completes and files Form UCC1 identifying the equipment as collateral. The filing perfects the security interest under the rule requiring a financing statement for most security interests.
Fernando Farrell buys a pickup truck on credit from Frostline Textiles and grants a security interest in the truck. Frostline Textiles files Form UCC1 covering the vehicle. Because the truck is subject to a certificate-of-title statute, the filing does not perfect the interest and notation on the title is required instead.
The form supplies the public notice required to perfect most security interests in personal property under Article 9.
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Filing is unnecessary when the interest falls within an exception such as automatic perfection or when the collateral is subject to a certificate-of-title statute that requires notation instead.
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No. The filing perfects interests only when Article 9 requires or permits it. Interests in property governed by federal statutes or title statutes are perfected by other means.
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