FACTOR KING® was established with a few simple goals in mind- combine "Old World Factoring" with "New Age Thinking". Our Mission to provide crucial funding to small and middle tier companies that may or may not have access to adequate bank financing is responsible for our success. Through our leverage of various technologies our systems and procedures provides fast and accurate factoring, simple order processing, and ease of use allowing our clients to focus on building their core business. Client growth is how we measure our own success. Become part of FACTOR KING® today!!
Glossary
Factoring Terms
FACTORING TERMS
There are currently 5 Factoring Terms in this directory beginning with the letter U.
U
UCC-1
A document that is placed on record with the Secretary of State or with the county recording office. The purpose of filing this document is to evidence the funding source's security interest in the client's personal property. This document is filed in the state or county in which the client's business is located.
UCC-2
A document commonly used in the State of California, also filed with the Secretary of State. The State of California does not have a UCC- 3 document; they call it a UCC-2.
UCC-3
A document that is placed on record with the Secretary of State or with the county recording office to evidence a change in status for a UCC-1. With respect to cash flow, a UCC-3 (or UCC-2) may be used to evidence assignment or termination of a UCC-1 or to make another applicable change.
Uniform Commercial Code (UCC)
Uniform Commercial Code is a set of standard rules, adopted by states in US, that governs commercial transactions. The Uniform Commercial Code Bureau files and maintains record on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.
