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What is the equivalent of UCC in Hong Kong?
When the party who provides money to another seeks greater security of repayment, the providing party will complete a UCC-1 form and is referred to as the "Secured Party." The person or company receiving the funds is called the "Debtor" on the UCC-1 form. When this form is completed and registered with the Secretary of State in US, a lien is put in place which secures the collateral of the secured party. The collateral is whatever the secured party says it is on the form, which is authorized by the Debtor.
What do they call this UCC thing in Hong Kong? What about a lien?
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