A/R Finance & Factoring Terms GLossary

What isUniform Commercial Code (UCC) Filing

A Uniform Commercial Code (UCC) Filing is a legal public notice that the creditor’s files (i.e., banks, ABL’s and factoring companies) to disclose that it has an interest in the assets of a debtor. A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is the specific legal form that creditor files to give notice that it has or may have an interest in the assets of a debtor (an entity who owes a debt to the creditor as typically specified in the agreement creating the debt). This form is filed in order to “perfect” a creditor’s security interest by giving public notice.

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