What is a UCC?

A UCC or Uniform Commercial Code is a filing that creates a lien against the property so the borrower may not dispose of the asset without paying off the debt or acquire another debt without notifying the lender about his intentions.

For instance, when an individual obtains a mortgage for a home, the lender uses the borrower’s personal property as collateral to secure property. With the UCC Financing Statement is filed, the homeowner can’t take out another loan on the home without first paying off the initial loan.

What information does a New York UCC search show?

A UCC filing will show the file number, file date, lapse date, filing type, debtor name and address, secured party name, and address.

Also see: How to do a New York business entity search

Why is a UCC needed?

A UCC lien is needed in order to protect a secured party’s security interest in the collateral offered by a debtor for a loan

Where is a UCC filed in New York?

Most UCC filings are done with the New York State Department of State, however real property filings are filed in the County Clerk’s Office, in the county where the real estate is located