Article 9 — Secured Transactions · Section 9-521
Explore UCC § 9-521, focusing on the presentation and content of financing statements in secured transactions.
Source: U.C.C. § 9-521
A financing statement must provide the name of the debtor and the name of the secured party, and comply with the requirements for filing as set out in this section.
UCC § 9-521 outlines the requirements for financing statements in secured transactions, detailing what information must be included to properly secure a creditor’s interest in collateral. It emphasizes the need for accurate identification of debtors and secured parties.
A document filed by a secured party to perfect their security interest in a debtor's collateral.
An individual or entity that holds a security interest in the debtor's collateral.
An individual or entity that owes payment or performance under the secured obligation.
Example 1
A lender files a financing statement that includes the debtor's name and a description of the collateral, which is a piece of industrial equipment.
Example 2
A company secures a loan with its inventory and files a financing statement that correctly identifies both the business and the secured creditor.