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What is a UCC-1 notice?

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UCC-1 stands for Uniform Commercial Code Form 1. It is a notice to the world that one person claims that it has an interest in someone else's property, usually as collateral for a debt. It is normally filed in the office of the Secretary of State in the state where the debtor/borrower is located. In most cases, located means the state of incorporation for corporations, the state of creation for limited liability companies and other entities, and the state of residence for individuals.

There must be an agreement, called a security agreement, that actually grants a security interest and defines the terms of any deal. The security agreement and the UCC-1 combined are like a mortgage on real estate. The mortgage is both the notice and the agreement for real estate, while for personal property the notice and the agreement are separate.

The importance of the UCC-1 to the secured party and other lenders/creditors is the first in time, first in line priority. A UCC-1 notifies others of outstanding debt such as security agreement, summary judgment lien, commercial or maritime lien and so forth. Collateral items may be listed directly. Property, real and personal property, can be involved. All of this is for the protection of the secured party and allows other possible lenders/creditors to be aware of outstanding unpaid debt that would stand in line for collection of any new debt.

The common belief, "It applies to personal property, not real estate," is wrong. One needs look no further that the form itself to see "Real Estate" mentioned three times in the form and four times in the instructions.

There need not be a previous defaulted note on personal property to utilize the UCC-1 notice.
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