Business Definition for: UCC (Uniform Commercial Code) Filing
By properly filing a financing statement at the state and/or local jurisdiction, the security interest of the secured party is perfected. The document contains the names and addresses of the debtor and the secured party along with a description of the collateral (security interest). A financing statement is proof of a security interest in personal property whereas a deed, properly recorded at a County Recorders Office, is proof of ownership for real property (land and buildings).
The notation that FINANCING is secured means that a company's accounts receivables, inventory, and/or other liquid assets have been pledged.
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