<Table> <Tr> <Td> </Td> <Td> This article needs additional citations for verification . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed . (October 2014) (Learn how and when to remove this template message) </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This article needs additional citations for verification . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed . (October 2014) (Learn how and when to remove this template message) </Td> </Tr> <P> A UCC - 1 financing statement (an abbreviation for Uniform Commercial Code - 1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt). This form is filed in order to "perfect" a creditor's security interest by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain priority . Such notices of sale are often found in the local newspapers . Once the form has been filed, the creditor establishes a relative priority with other creditors of the debtor . This process is also called "perfecting the security interest" in the property, and this type of loan is a secured loan . A financing statement may also be filed in the real estate records by a lessor of fixtures to establish the priority of the lessor's rights against a holder of a mortgage or other lien on the real property . The creditor's rights against the debtor and the lessor's rights against the lessee are based on the credit documents and the lease, respectively, and not the financing statement . </P> <P> Pursuant to the standards set forth in the UCC, at 9 - 503 and 9 - 504, the financing statement need only contain three pieces of information: </P>

When is a ucc-1 filed to give notice of a loan as opposed to a mortgage
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