Question

under the unified commercial code, 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 is called:

Answer 1

Under the Unified Commercial Code (UCC), 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 is called: a Financing Statement.

What is the Unified Commercial Code used for?

The Uniform Commercial Code (UCC) is a set of commercial regulations used across states to govern financial contracts and transactions. The UCC code is divided into nine articles, each of which addresses a different area of banking and lending.

The UCC was developed by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI) with the primary goal of making commercial operations uniform and therefore efficient throughout all U.S. states.

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