Article 9 — Secured Transactions · Section 9-401
This section outlines the requirements for perfection of security interests in collateral, focusing on how and where filing must occur.
Source: U.C.C. § 9-401
A filing is generally done in the office designated for the filing of financing statements. The location of filing is determined by the jurisdiction where the debtor is located or in the case of certain types of collateral, where the collateral is located.
UCC § 9-401 specifies the requirements for filing a financing statement to perfect a security interest. It indicates where a creditor must file their notice to ensure their rights in the collateral are protected against other creditors and parties.
A document filed to give public notice of a security interest in the collateral.
The legal process by which a secured party protects its security interest against other creditors.
Example 1
A lender files a financing statement in the state where the debtor is incorporated to secure their interest in the debtor's inventory.
Example 2
A manufacturer secures its interest in equipment by filing a financing statement in the state where the equipment is located.