UCC

UCC-1 is a legal form filed under the Uniform Commercial Code, which governs commercial transactions in the U.S. It serves to publicly declare a lender's security interest in a borrower's assets, such as equipment or inventory. By filing a UCC-1 form, the lender establishes their priority to those assets in case the borrower defaults on a loan. This filing is important for both lenders and borrowers, as it clarifies claims on assets and helps avoid disputes over ownership or rights to the collateral involved.