A UCC lien refers to a lien that is perfected by following the requirements of the UCC, or Uniform Commercial Code. The UCC is a collection of standardized laws on the contracting and trade of goods that has been adopted by the majority of states in the U.S. A UCC lien usually results when an entity lends money to a debtor, and the debtor pledges collateral to the lender in exchange for the loan.

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For example:  A museum owner lends an artwork to a hospital for a period of 2 months.  During this time, the “asset” in the hands of the hospital.  If, for some reason, the hospital files for bankruptcy, asset is not a part of the property of the hospital, and can be returned to the museum owner.  

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A UCC-1 financing 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 (a person who owes a debt to the creditor as typically specified in the agreement creating the debt). Please contact us at admin@icopyrightassistant.com for more information.