The Uniform Commercial Code (UCC) financing statements record and protect a secured party's interest in the collateral offered by a debtor for a loan. The UCC system gives public notice of the debtor-secured party relationship and the collateral involved.
To record this relationship, you will file a UCC Financing Statement (Form UCC-1). If the conditions change, you may amend the initial filing statement by submitting Form UCC-3. This document will reflect the current relationship including continuation of the maturity date, amendment of the conditions or information in the original filing, termination of the obligation, assignment to another, or partial release of the collateral listed.