Also known as: UCC-1 financing statements · UCC1 financing statement · UCC 1 financing statement · UCC-1 · financing statement
Written by attorneys — see sources below.
A document filed under Article 9 of the Uniform Commercial Code to perfect a security interest in personal property or to give notice of an agricultural lien.
Ultrasonic Dynamics borrowed funds from Ugo Uberti to purchase manufacturing equipment. Ugo took a security interest in the equipment and filed a financing statement in the central filing office. The filing perfected the security interest against later creditors of Ultrasonic Dynamics.
Usha Upton financed the purchase of a delivery truck from Upstream Petroleum. Upstream retained a security interest in the truck. Because state law requires notation of the interest on the certificate of title, Upstream did not file a financing statement to achieve perfection.
A financing statement must be filed to perfect most security interests and agricultural liens. Exceptions exist for interests perfected by possession, control, or notation on a certificate of title.
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A standard financing statement perfects the interest as to personal property but does not by itself establish priority against real property encumbrancers. A fixture filing in the land records is ordinarily required for that priority.
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The filing is effective to perfect the interest once attachment occurs, provided the statement meets the applicable requirements.
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A financing statement filed before an amendment remains effective to the extent it satisfies the requirements under the amended article, subject to any termination rules.
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…And the SBA routinely follows such rules, Tr. of Oral Arg. in No. 77-1359, p. 43, as it did here by requiring Republic to file a financing statement and a notice of assignment. That the SBA conforms its transactions to state law is also reflected in the security agreement between Republic and O. K. Super Markets, approved by the SBA,…