Uniform Commercial Code

The Uniform Commercial Code Section (UCC) is a central depository for certain financing statements and other documents provided for under the Uniform Commercial Code since 1966.

Excerpt from the Uniform Commercial Code:
The Uniform Commercial Code adopts the "notice filing" approach, under which an abbreviated notice is filed with the appropriate filing officer evidencing that a debtor and secured party intend to engage in a secured transaction using specified collateral as security. The actual security agreement may even be executed later. The Code became effective at midnight on June 30, 1966 , and applies to transactions entered into and events occurring after that date.

Simply the UCC permits an outlet for a creditor to present public notice by filing a financing statement with the appropriate filing office about a debtor’s assets used as collateral for a secured transaction.

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