The UCC-Uniform Commercial Code-1 application is a legal notice filed by lenders in an attempt to publicly assert their right to seize the assets of defaulting debtors.
UCC-1 notices are usually printed in local newspapers to publicly announce the lender’s intent to forfeit collateral assets.
These forms are primarily used to smooth foreclosure processes, often by helping lenders obtain court orders allowing them to seize the assets of delinquent borrowers.
These forms must be submitted to institutions located in the state where the borrower’s business is registered.
There are two types of UCC-1 claims: general liens and liens attached to a specific lien.