Under US law, creditors file UCC filings to "perfect" their security interest by giving public notice that they believe they have an interest in someone else's property in the case of loan default. Yet anyone can file a UCC filing on anyone's property without the owner's agreement or any overseeing body's approval. UCC filings ought to be made by the debtor, not the creditor, as a pre-requisite for loan funding. That way, they would have the weight of being acknowledged and approved by the owner of the property in which an interest is claimed. Otherwise, UCC filings are meaningless pieces of papers and will continue to get abused by parties with no security interest whatsoever.
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