UCC-1 Legal Meaning and Definition

Here is a simplified definition of the legal term UCC-1.

UCC-1 (noun): A standard document commonly used in the United States under the Uniform Commercial Code (UCC) to publicly declare a lender's (creditor's) right over personal property (such as equipment or plants) used as collateral for a loan. This written declaration helps protect the creditor if the borrower defaults on the loan.