Article 9 — Secured Transactions · Section 9-515
This section governs the effectiveness and requirements for the filing of financing statements under UCC Article 9.
Source: U.C.C. § 9-515
A financing statement is effective only if it has been filed in the office of the appropriate filing officer in the jurisdiction where the debtor is located or, for certain types of collateral, in the jurisdiction where the collateral is located.
UCC § 9-515 explains how to properly file financing statements to perfect a security interest in personal property. These filings must meet specific criteria and are crucial for establishing the validity of a secured transaction.
A document filed to give public notice of a security interest in personal property.
The person who has an obligation to pay or perform under the secured transaction.
The government office where financing statements are filed, determining the effectiveness of the filing.
Example 1
A bank files a financing statement to secure its interest in equipment loaned to a construction company.
Example 2
A retailer files a financing statement to perfect its security interest in inventory held by a supplier.