What does a UCC filing actually do and how can you use it once th
Experience: Technical Analyst in Financial Markets -- Experience of more than 10 years in consulting
replied 6 years ago.
he Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. This objective is deemed important because of the prevalence of commercial transactions that extend beyond one state
UCC Filings are the records filed of the financial and assets statements. For Example,
Under the provisions of state Universal Commercial Code statutes, when personal property (equipment, inventory, and other tangible assets of a business) are used as collateral for borrowing, a UCC-1 statement is prepared, signed, and filed. This process is also called "perfecting the security interest" in the property, and this type of loan is a secured loan.
The filing creates a lien against the property, so the borrower may not dispose of the property without paying off the debt.
Such other forms are as under.
The UCC Financing Statement (Form UCC1) (Rev. 05/22/02), UCC Financing Statement Addendum (Form UCC1Ad) (Rev. 05/22/02) and UCC Financing Statement Additional Party (Form UCC1AP) (Rev. 05/22/02) forms are the prescribed forms by the International Association of Commercial Administrators. Please note that the UCC1AP form may only be used in conjunction with the UCC1 form to add multiple debtors or secured parties.
UCC Financing Statement Amendment (Form UCC3) (Rev. 05/22/02, National UCC Financing Statement Amendment Addendum (Form UCC3Ad) (Rev. 07/29/98), and UCC Financing Statement Amendment Additional Party (Form UCC3AP) (Rev. 05/22/02) forms are the prescribed forms by the International Association of Commercial Administrators. Please note that the UCC3AP form may only be used in conjunction with the UCC3 form to add multiple debtors or secured parties.
The Correction Statement (Form UCC5) (Rev. 05/16/06) form is the prescribed form by the International Association of Commercial Administrators.
The Information Request (Form UCC11) (Texas) (Rev. 05/09/01) was adopted and effective as a prescribed form on July 1, 2001.
A straw man argument is an informal fallacy based on misrepresentation of an opponent's position.To "attack a straw man" is to create the illusion of having refuted a proposition by substituting a superficially similar proposition (the "straw man"), and refuting it, without ever having actually refuted the original position.
Presenting and refuting a weakened form of an opponent's argument can be a part of a valid argument. For example, one can argue that the opposing position implies that at least one of two other statements - both being presumably easier to refute than the original position - must be true. If one refutes both of these weaker propositions, the refutation is valid and does not fit the above definition of a "straw man" argument.
Availing this may not be prefectly suitable in real life situations as this just a hypothesis and based on hypothetical situations and circumstances.Source: www.justanswer.com