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Funding Visualization

Sample Transaction


  • Total claim amount in $10,000
  • Advance rate 85%
  • 2% transaction fee on total claim amount
  • 1% per month servicing fee on advanced amount
  • UST fund pays entire claim in 6 months

Perfecting Security Interests (UCC-1)

UCC-1 stands for Uniform Commercial Code Form 1. It is a "Financing Statement" that is filed to show that one party (usually a lender or "secured party") has a security interest in another party's (usually a borrower's) property. It applies to personal property, not real estate. It is not an agreement. It is just notice to the world that one person claims that it has an interest in someone else's property, usually as collateral for a debt. It is normally filed in the office of the Secretary of State in the state where the debtor/borrower is organized or the state of residence for individuals. 

There must be another agreement, called a security agreement that actually grants the security interest and defines the terms of the deal. The security agreement and the UCC-1 combined are similar to a mortgage on real estate. The mortgage is both the notice and the agreement for real estate, while for personal property the notice and the agreement are separate.

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