to familiarize you with the Alabama Secretary of State website’s Services tab with respect to filing UCC documents. While your business’s attorney may be the person completing and filing the documents, it is helpful for you to know what is required. A general narrative is given on how to access the documents needed. Review the documents, and then, follow the directions for the exercise.
- Go to www.sos.alabama.gov.
- Click on Services at the top of the page; then click on UCC Services. Remember that a UCC-1is filed to record/perfect a security interest in collateral.)
- Review this information and the information in the UCC Brochure item in the middle of the page.
- Click on UCC Downloads on the right side of the page.
- Go to the middle of the page in the section titled “Initial Financing Statement Forms.” Click on the link for the last form in the section “National UCC Financing Statement (UCC1).
Exercise:
- Create a pretend UCC1 Filing Statement and attach to your answers to the questions in this assignment. Pretend your company is the creditor in the situation. Create both the debtor and creditor. Identify the collateral and provide a description.
- Also, provide an explanation of why filing the UCC1 is important to your business. Identify the parties to the document, and the role each of the parties plays in the debtor/creditor relationship.
