Uniform Commercial Code (UCC)
What does it mean
The Uniform Commercial Code (UCC) is a set of business laws that regulate financial contracts and transactions across states.
Why does it matter
The Uniform Commercial Code matters to a bank because it is the set of rules the dictate how a collateral interest is obtained and how lien priority is determined. A UCC-1 financing statement is the most commonly used aspect of the UCC. This is the document whereby a bank perfect’s its lien in certain types of collateral.
Other Relevant Terms
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Greetings! I'm Clay Sharkey, and there is nothing I like more than assisting others in achieving their goals. I firmly believe that by enhancing a banker's understanding of their customer's' business, they can provide superior service. This superior service, in turn, leads to stronger relationships for the bank, improved performance for the businesses, and better experiences for our communities. Win-win-win.
