Mississippi UCC1 Financing Statement
Definition and meaning
The Mississippi UCC1 Financing Statement is a legal document used to secure a creditor's interest in the personal property of a debtor. It is part of the Uniform Commercial Code (UCC), which governs commercial transactions in the United States. This form enables the secured party to perfect their security interest by providing public notice of their claim to the collateral, ensuring they're prioritized in the event of the debtor's bankruptcy or liquidation.
How to complete a form
To properly fill out the Mississippi UCC1 Financing Statement, follow these steps:
- Begin with the debtor's exact full legal name. You must select either an organization's name or an individual's name.
- Provide the complete mailing address, including city, state, country, and postal code.
- If applicable, include information about additional debtors using the same format as above.
- Identify the secured party by entering their name and mailing address.
- Detail the collateral covered by the financing statement in the appropriate section.
- If necessary, check boxes for alternative designations or special circumstances, such as agricultural liens.
Who should use this form
This form is typically utilized by secured parties such as lenders or creditors. It is essential for those needing to protect their financial interest in a debtor's personal property, especially in transactions involving loans, credit agreements, or other financial dealings where collateral is specified. Debtors, including individuals and organizations, also need to understand this form to ensure they meet their obligations.
Key components of the form
The Mississippi UCC1 Financing Statement includes several critical sections:
- Debtor Information: The name and address of the debtor or debtors.
- Secured Party Information: The name and address of the secured party.
- Collateral Description: A detailed explanation of the collateral covered by the financing statement.
- Additional Information: Optional fields for additional debtors or secured parties.
Common mistakes to avoid when using this form
When completing the Mississippi UCC1 Financing Statement, be mindful of common errors:
- Inaccurate debtor names: Ensure the full legal name is correct and free from abbreviations.
- Incomplete address information: All parts of the address must be filled out correctly.
- Incorrect collateral descriptions: Be as specific as possible to avoid future disputes.
- Neglecting to check optional boxes when necessary.
What to expect during notarization or witnessing
While notarization is not always required for the Mississippi UCC1 Financing Statement, if it is, expect to present valid identification to the notary. The notary will then verify your identity and witness your signing of the document. Always ensure that the form is fully completed before notarization, as incomplete forms can lead to delays or rejections.
State-specific requirements
Each state may have unique requirements regarding the Mississippi UCC1 Financing Statement. Be sure to check:
- Filing fees: Different fees may apply depending on the jurisdiction.
- Submission processes: Know whether to file electronically or via paper form.
- Additional state forms: Some states require supplementary documents to accompany the financing statement.
Form popularity
FAQ
A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
A UCC filing, also known as a UCC lien or a UCC-1, is a financing statement which lenders can file against your business with your secretary of state.This might be a piece of equipment, a vehicle, property, or even a blanket lien naming all your assets.
In Texas you can search for UCC-1 filings made against your company through a website provided by the Texas Secretary of State's office. There is a very small fee for conducting this search. Normally a UCC-1 Financing Statement expires five years from the date and time of filing as indicated on the UCC-1 form.
You can always check the status of UCC filings against your business through your business credit report or searching UCC lien public records.
A UCC-1 financing statementalso sometimes referred to as a 'UCC-1 filing,' a 'UCC lien,' or simply a 'UCC-1'is a form that creditors use to create a lien against a debtor's property.
Filer Information. Name and phone number of contact at filer. Email contact at filer. Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
Searching Secretary of State Records Online. Locate the correct secretary of state's website. UCC financing statement forms must be filed in the state where the borrower is located. Most states have online directories of UCC filings available on the secretary of state's website.
UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
When is a UCC-1 Filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.