Glossary
UCC-1 lien
A public filing that records a lender's security interest in business assets.
A blanket UCC-1 covers substantially all assets and can prevent a business from financing anything else until it is released or subordinated.
UCC filings are public. A lender running a search will see every other lien, which is why an undisclosed facility on your debt schedule is noticed immediately.
See also
We are a publisher, not a lender or broker. We never take applications and are never paid by borrowers. Read the full disclosures.