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General UCC Questions
• What is the UCC? The UCC is a comprehensive set of uniform laws governing commercial transactions across the United States, adopted by all 50 states to ensure consistency in interstate business.
• What does the UCC apply to? The UCC applies to transactions involving the sale of goods, leases, bank deposits, fund transfers, and secured transactions. It does not typically apply to services or real estate transactions.
• Is the UCC federal law? No, it is a model set of laws that individual states adopt, often with minor modifications.
• Who is a "merchant" under the UCC? A merchant is a person or business who deals in goods of the kind involved in the transaction or who, by their occupation, has knowledge or skill specific to the practices or goods involved.
UCC Filing (Lien) Questions
• What is a UCC filing (UCC-1)? A UCC-1 financing statement is a public notice filed by a creditor to formally declare a security interest in a debtor's assets, which are used as collateral for a loan.
• Why should I file a UCC-1? Filing a UCC-1 establishes a creditor as a secured party, giving them priority (a "place in line") over unsecured creditors if the debtor defaults or files for bankruptcy, thereby increasing the chances of recovering the money or assets.
• How long does a UCC filing last? A UCC-1 filing is generally valid for five years from the date of filing.
• How do I renew a UCC filing? To extend a filing, a creditor must file a UCC-3 continuation statement before the original five-year period expires.
• Does a UCC filing affect my business credit score? A UCC filing itself typically does not affect your credit score unless you default on the loan. However, it will appear on your business credit report.
• How can I check if I have a UCC filing against my property/business? You can typically search online databases through your local Secretary of State's office using your name or business name.
Contract and Compliance Questions
• What are common reasons for a UCC filing to be rejected? Common reasons include failing to provide the required debtor/secured party information, or the debtor and secured party appearing to be the same individual.
• Where do I file a UCC financing statement? For a registered business, the filing is typically made in the state where the entity is incorporated, not necessarily where the collateral is located or where the business operates.
• What happens if the goods don't conform to the contract? Under the UCC, the buyer is generally required to inspect the goods in a timely manner and notify the seller of any non-conformities; the buyer may then reject the goods or demand replacements.

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