Where Should The Debtor/Creditor Agreement (UCC-1 / PPSA) Be Recorded
The USA & UK has the United Commercial Code (UCC) with its UCC-1 debtor/creditor filing system. Canada's equivalent is the Personal Property Security Act (PPSA). The location for filing depends on the debtor's address. If the debtor is in the USA - that will determine the system used to record the debt (i.e. UCC).
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Purpose of the UCC-1
A UCC-1 can be thought of as a financing statement giving notice to the public that the trust (or other entity) has a secured interest in the personal property that is being used as collateral in a secured transaction (via the Private Security ...
Do Secured Party Creditor (SPC) Methods Work
A UCC Financing Statement (UCC-1) is a very mighty financial instrument indeed, but only when used for the right situation. Filing a lien on a trust one did not create and did not act as trustee for is inherently fraudulent – that is demanding a debt ...
The State Won't Allow Physical Filings for UCC-1 - It's Only Allowed Online - What Now
Some states have moved to online filing for UCC-1s, but this does not inhibit a trust from printing out a UCC-1 and not filing it. The non-filed UCC-1 is simply there to show proof of an agreement regarding a debtor/creditor relationship, in addition ...
Does The Private Security Agreement or UCC-1 Need To Be Filed
The Private Security Agreement (PSA) does not need to be filed, although it can be filed with the local county recorder if so desired, please review COURT PROTECTION SECRETS > ARTICLE III COURT FILING INSTRUCTIONS. Should the PSA be required due to a ...
State Requires UCC-1 Filing to List All Fixed / Attached Property on The Real Property
Some states, like California, require a fixture filing for all UCC-1 filings, meaning one has to list everything that is “fixed” or "attached" to the real estate property like: home, dishwasher, windows, etc. The way to blanket all these objects is ...