Uniform commercial code

Question 1

What is the uniform commercial code?

Answer 1

A set of business laws created in the 1950s that regulates financial contracts dealing with personal property.

The UCC is a set of business laws created that regulates financial contracts dealing with personal property not real estate itself.
Collateral
Louisiana is the only state that hasn’t fully adopted and the UCC.

Question 2

The UCC requires security instruments to be documented through a security agreement the borrower signs,

true or false

Answer 2

True

Question 3

The complete UCC security agreement must be filed with the recorder of deeds.
True or false?

Answer 3

False
The abbreviated version of the UC see security agreement, the UCC– 1 , must be filed with the recorder of deeds.

Question 4

The UCC-1 is called a security statement.
True or false?

Answer 4

False
The UCC-1 it’s called a financing statement.

Question 5

Because a UCC-1 identifies the real estate involved in the transaction, it shows up in a title report.
True or false

Answer 5

True

Question 6

Having a UCC security agreement and financing statement on file allows lenders to confiscate personal property pledged as collateral and event of borrower default.
True or false

Answer 6

True

Question 7

What should the UCC security agreement document include?

Answer 7

It must include a complete description of the personal property used as collateral.