Credit Evaluation School Dec 2022

Internal Use Only

UCC Set of rules that help govern U.S. business laws on commercial transactions • Start with UCC search for previous lienholders UCC – 1 filings typically happen when loan is originated • Includes creditor’s name & address, debtor’s name & address, and collateral description

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Internal Use Only

UCC UCC liens against specific collateral or blanket lien – 5 ‐ year terms •After, lender must renew the lien if loan is still active

UCC – 1: UCC is filed with the state & the county where property is located

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