TBA Law Blog


Posted by: Stacey Shrader Joslin on Jan 29, 2024

Tennessee Secretary of State Tre Hargett has issued a warning to all Tennesseans about a scam involving Uniform Commercial Code (UCC) documents. According to Chattanoogan.com, as part of the scam, citizens receive an official-looking mailer from TN UCC Statement Service, incorrectly implying businesses or individuals must obtain a copy of a UCC-1 financing statement filed against them. Hargett says that the mailing is intended to “trick borrowers into paying excessive costs to obtain a document they will likely never need.” The UCC is a comprehensive set of laws governing sales or other commercial transactions. A UCC-1 financing statement is a legal form that creditors use to give notice that they have a lien on an asset of a debtor. Hargett is encouraging anyone who receives this mailing to report it to the Division of Business and Charitable Organizations and the Tennessee Attorney General’s office.