legal
UCC-1
A UCC-1 is the specific form used to record a secured party’s lien on business assets with a state Secretary of State.
Last updated Reviewed by ICG Funding
Definition
What it means.
The UCC-1 form identifies the debtor, the secured party, and a collateral description. A "blanket" UCC-1 will describe the collateral as "all assets, now owned or hereafter acquired." A specific UCC-1 will name individual equipment by serial number.
Multiple UCC-1 filings can coexist, but priority runs in the order they were filed (first-in-time, first-in-right). This is why subordination agreements matter, they contractually rearrange priority when a new lender lends behind an existing one.
Now what?
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