Tennessee Secretary of State Tre Hargett issued a warning about an official-looking mailer targeting businesses and individuals about a UCC-1 statement.
MEMPHIS, Tenn. — Tennessee Secretary of State Tre Hargett has issued a warning about an official-looking mailer targeting businesses and individuals about a UCC-1 statement.
According to the Secretary of State’s Office, “the Uniform Commercial Code (UCC) is a comprehensive set of laws governing sales and other commercial transactions. A UCC-1 financing statement is a legal form that a creditor files to give notice that it has the right to take possession of and sell certain assets belonging to the debtor for the repayment of a specific debt.”
Hargett’s Office said the mailer claims people must pay $107 for a service to request a copy of the UCC-1 statement. It implies the recipient needs a copy, but the Secretary of State said that’s rarely the case.
“Our Division of Business and Charitable Organizations and I were recently made aware of a new misleading mailer trying to take advantage of Tennesseans,” said Secretary Hargett. “The look and language used on this mailer tries to trick borrowers into paying an excessive amount for a document they will most likely never need.”
Anyone who gets the…
