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UCC Filings for Repossession

Repossession UCC 1 filingA UCC filing is the proper way to place a lien on collateral that does not have a title. UCC stands for Uniform Commercial Code, a federal body of law that deals with commerce and how business conduct business. The actual name of the form is a UCC 1.

Blanket UCC filings where the UCC sates "All equipment owned by company X" is not an effective way to place a lien on your collateral. Your UCC filing should list the equipment manufacturer and serial numbers of all items you are attempting to lien and get repossessed.

If the equipment has a title a UCC 1 is not a valid way to place a lien on your collateral. Your lien should be placed on the title if you would like your equipment repossessed.

The UCC filing should be completed and filed at the time you make the loan. It can be very difficult to file a UCC 1 once the loan is in default and you are trying to repossess your equipment.

Private parties can also file a UCC 1 on equipment they are using for collateral on a loan. It is highly recommended that you hire an attorney to ensure your UCC filing is handled properly.

For more information on UCC filings and equipment repossessions please read: Repo Times
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