Confused About What Collateral Language to Use on Your UCC Financing Statement?April 04, 2013 UCC
The collateral description of a UCC Financing Statement is important, it is where the secured party details what items the debtor has offered as collateral to secure the loan. To effectively mitigate a creditor’s risk for loss and fend off challenges from other creditors, a UCC filing must adequately describe the collateral.
Figuring out how to describe the collateral on a UCC Financing Statement to best protect your interests can be confusing. According to the Uniform Commercial Code , the collateral description must reasonably identify the collateral. Unfortunately, that is a pretty subjective phrase and many creditors are confused about how to describe collateral reasonably in order to satisfy the requirements under The Code.
Want to learn more? First Corporate Solutions invites you to tune in to hear attorney Bradley B. Clark deliver a free webinar presentation, Basics of Collateral Descriptions.
Click here to reserve your seat!