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The Perplexing World of Uniform Commercial Code Demystified! Pt 1: UCC Filings – What are they and where to file?

Uniform Commercial CodeLiving in the World of Uniform Commercial Code can be perplexing.  This blog is the start of a series to start the discussion of UCC-1 filings, what they are, and where to file.

A UCC-1 Financing Statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor.  For example, if you, lend money as part of a loan, or offer credit for the lease or purchase of equipment of any kind, you may file a UCC-1.  The UCC-1 protects the creditor’s interest should the debtor default on the loan.  Filing the UCC-1 timely is very important; as a secured party, you want to make sure the filing is filed before any other to secure your interests.

The question arises: Where do I file?  The below chart lists out the most common debtor types:

Debtor Type Where to file UCC financing statements
Registered organizations (Corporation, LLC, LP, etc.) File at central filing office of state where entity was formed or organized (i.e., Secretary of State) and/or county recording office where principal office is located
Organizations with one place of business County/State of place of business
Organizations with multiple places of business County/State of chief executive office
Non-U.S. entity organized in foreign jurisdiction without a notice system In Washington, D.C. and other applicable jurisdictions
Individuals County/State of principal residence

Stay tuned for the next installment, which will dive deeper into the World of Uniform Commercial Code.

Karen Elliott, Assistant Vice President Client Development