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Invoice Factoring Glossary by Alpha
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UCC-1
The document filed with the Secretary of State and/or the County Clerk's office(s) to perfect a factor's lien on a clients' assets (accounts receivable). Also called "UCC Financing Statement."
UCC-3
The document that is filed with the Secretary of State and/or the County Clerk's office(s) as evidence of an assignment, release or change in the UCC-1. In the case of factoring, a UCC-3 is filed to terminate a UCC- 1 when all outstanding invoices are paid and the relationship between the client and the factor is severed. Also called "UCC Statement With Respect To Change."
Universal Commercial Code
Standardized set of guidelines protected by law that set down how business transactions must be conducted and regulates the transfer of property.
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