How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Daniel Solutions Your Own Question
Daniel Solutions
Daniel Solutions, Lawyer (JD)
Category: Legal
Satisfied Customers: 9934
Experience:  Practing General Attorney,
Type Your Legal Question Here...
Daniel Solutions is online now
A new question is answered every 9 seconds

What is a UCC-1 financing statement used for Can you file

Resolved Question:

What is a UCC-1 financing statement used for? Can you file this yourself? Where do you file it? Against whom can you file a UCC-1 financing statement?
Submitted: 8 years ago.
Category: Legal
Expert:  Daniel Solutions replied 8 years ago.
<p>File the UCC1 financing statements involving an organization in the Secretary of State's in the state where the corporation was domiciled. If the debtor is an individual in the Secretary of State's office where the individual resides.</p><p>A UCC-1 Financing Statement is a type of lien that secures a creditor.</p><p>Many equipment lease companies use a UCC-1 that specifies a machine as collateral. If the debtor defaults on payment, the UCC-1 allows the equipment lease company to repossess the machine. It is typical for banks to use blanket UCC-1s to secure lines of credit, designating the debtor's assets as collateral, and International Trade Finance utilizes the same.</p><p>A filed financing statement is effective for a period of five years from the date of filing. It will lapse upon the expiration of the five-year period unless a continuation statement is filed prior to the lapse date. Continuation statements may be filed within six months prior to the expiration of the five-year lapse period.</p><p> </p>
Customer: replied 8 years ago.
Can you break this down in understandable terms? Is this only used for companies or can an individual person file a UCC-1? The other part of my question was, can this be used if you owe a debtor and want to secure a lien against the property that you owe them on?
Expert:  Daniel Solutions replied 8 years ago.
It's my understanding from research that is applies to corporations/businesses and not individuals. You can use it to secure the lien if you're a company.
Daniel Solutions and 6 other Legal Specialists are ready to help you