Uniform Commercial Code

Uniform Commercial Code

Overview

Uniform Commercial Code (UCC) is a set of laws that govern commercial transactions in the United States.

The Uniform Commercial Code Section operates under Chapter 25, Article 9 of the North Carolina General Statutes to provide a method of giving notice of a security interest in personal property to interested third parties. The method adopted is a "notice" filing system. Recorded information in the UCC Section is open to the public, and can be searched for free over the Internet.

A security interest is a legal right that a creditor has over a debtor's property, usually to secure a loan. It means that if the debtor fails to pay or perform the obligation, the creditor can take the property and sell it to recover the debt. A security interest can be created by a contract, such as a mortgage or a pledge, or by law, such as a lien or a garnishment. A security interest can be attached to different types of property, such as real estate, vehicles, equipment, inventory, accounts receivable, etc.

Source: What Is Security Interest? Definition and Legal Requirements - Investopedia. https://www.investopedia.com/terms/s/security-interest.asp.

Uniform Commercial Code

Go to the North Carolina Secretary of State’s Office website at https://sosnc.gov

Select Divisions.