UCC-1 Statement

Definition

A required filing under the Uniform Commercial Code used when a borrower claims personal property as collateral against a loan. Under the Code, the borrower must not dispose of the property without repaying the debt in full, because the loan provides the lender with a security interest in the property.

Use UCC-1 Statement in a sentence

The ucc-1 statement was a really cool thing to check out and I thought that things were going to go well.

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You should make sure that you always give all the info needed when you are filling out your ucc-1 statement.

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To take the loan from the bank, Barbara had to file a UCC-1 Statement so that she could use her car as collateral.

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