legal
UCC Filing
A UCC filing is a public notice recorded with a state that a lender has a security interest in some or all of a borrower’s business assets.
Last updated Reviewed by ICG Funding
Definition
What it means.
The Uniform Commercial Code (UCC) governs commercial transactions across all 50 states. A UCC-1 filing puts other lenders and creditors on notice that a secured creditor has priority over the assets listed.
UCC filings are public record and searchable via each state’s Secretary of State database. They remain in force for 5 years unless continued. After a loan is paid, the secured party is required to file a UCC-3 termination to release the lien, always verify this happens after payoff.
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