Also known as: UCC financing statement · financing statement · financing statements · UCC-1 · Article 9 financing statement
Written by attorneys · grounded in primary & secondary sources — see below
A document filed under Article 9 of the Uniform Commercial Code to provide public notice of a security interest in personal property or fixtures. Filing perfects the interest against third parties and establishes priority. The filing is unnecessary or ineffective for property subject to certificate-of-title statutes or certain federal laws.
Universal Motors borrows from Union Steel and grants a security interest in its manufacturing equipment. Union Steel files a financing statement in the central office describing the equipment. The filing perfects the interest, giving Union Steel priority over later creditors who search the records.
Ulysses Usher buys a truck from Ultrasonic Dynamics and grants a security interest to secure the price. Ultrasonic Dynamics attempts to perfect by filing a standard financing statement in the central office. Because state law requires notation on the certificate of title, the financing statement filing is neither necessary nor effective.
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A financing statement must be filed to perfect all security interests and agricultural liens except where the code provides an automatic-perfection rule or another statute governs.
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Filing a financing statement is neither necessary nor effective to perfect a security interest in property subject to a certificate-of-title statute that requires notation on the title.
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A pre-amendment financing statement remains effective to the extent it satisfies the requirements under the amended Article 9, but it ceases to be effective after the applicable transition period unless continued.
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