UCC Services GroupThe UCC process is a cost-effective solution for securing your inventory, equipment and/or receivables. For only 10 cents per day or less, you can secure collateral in agreement with your customer’s promise to pay. For example, in a Chapter 7 bankruptcy, secured creditors are paid first, in the order the UCCs were filed; unsecured creditors split what is left over on a pro-rated basis. A UCC filing ensures you are a secured creditor and therefore in the best possible position to get paid.
Preparing and filing a UCC Financing Statement can be cumbersome, especially when dealing with varying state statutes. Our expert UCC Services Group professionals remove the guesswork while securing inventory, accounts, fixed assets and other collateral. A properly perfected UCC filing sets a priority payment in the event of debtor bankruptcy, allowing our customers to potentially recover hundreds of thousands of dollars.
Other business transactions where a UCC filing is in your best interest include:
- Consignment sales: Goods sent to an agent for sale with title being held by consignor until a sale is made.
- Bailment: Goods, which will be processed or improved in some manner, delivered in trust for a limited period.
- Tooling: Tools provided to an outside manufacturing company in order for that company to provide a finished product for sale.
- Warehousing Situations: Stocked goods or inventory held at a third party location.
- Installments/Promissory Notes: Payment for a debt made in intervals.
At a Glance:
- Oversees all aspects of perfecting your security interests under Article 9 of the Uniform Commercial Code in the U.S. with programs also available for Canada (PPSA), Mexico (RUG), Australia (PPSA) and New Zealand (NZPPSA), including corporate searches, filing preparation and submission, notification letters, monitoring, archiving and auditing.
- Offers the industry’s only full-service, flat fee UCC filing program.
- Secure 24/7 online access, through a customized web portal, is available for all filing requests and reporting. It includes images of all completed documents including searches, notification letters and corporate certificates.
- Types of filings include: Consignment Sales, Bailment, Tooling, Warehousing Situations and Installments/Promissory Notes.