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The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
UCC-1 financing statement. A UCC-1 financing statement (an abbreviation for Uniform Commercial Code -1) is a United States 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 most common method of perfection is through filing a financing statement (often referred to by its form number: UCC-1) in the appropriate state office (usually the office of the Secretary of State) in the U.S. state in which the debtor is located. See U.C.C. §§ 9-301, 9-310.
UCC 2-306(2) Bloor v Falstaff Brewing Corp 601 F2d 609 (2nd 1979) Friendly J, breach of best efforts covenant; Uniform Commercial Code §315; Kellogg Bridge Company v. Hamilton, 110 U.S. 108 (1884) there was an implied warranty of fitness for the Kellog Co to build a bridge for a railway company. Kirke La Shelle Company v.
UCC filings may be placed against specific assets, or a blanket UCC filing secures interest in all property. UCC filings may affect the business credit score and may make it more difficult to obtain subsequent financing. UCC filings have become less common in alternative financing. Most lenders will only file a UCC against the business in the ...
The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions.
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