Uniform Commercial Code filings

The Uniform Commercial Code (UCC) has been adopted by every state in the United States, with little variation. The UCC provides forms and requirements for using collateral to secure a loan or debt. The two types of UCC filings are a standard filing for personal property, and a UCC fixture filing for fixtures.?

A standard UCC filing can use accounts receivables, intangible property, or any personal property as collateral for a loan, and is used mostly for business loans. If a business is using real estate and fixtures as collateral for a debt, then the lender will include fixtures in the Security Instrument.

A lender may also file a stand-alone UCC fixture filing to use the fixtures as collateral by themselves.?

UCC fixture filings are recorded in the county real estate records, and should be recorded in the same county as the location of the collateral.

Standard UCC filings are recorded at the county, but indexed in a statewide index called the UCC Central Index, which is maintained by the Georgia Superior Court Clerks’ Cooperative Authority (GSCCCA).? It is less important to file a standard UCC in the county where the collateral is, because the collateral can be moved. The standard UCC index can be searched statewide on the central index.

?Lenders must use the forms provided in the UCC code. The GSCCCA provides these forms on their website. It used to be uncommon to find a UCC fixture filing on residential property, but this is happening more often as owners finance big ticket items such as solar panels or A/C units.?????