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Ter Last, First, Middle): Voluntary Petition Name of Joint Debtor (Spouse) (Last, First, Middle): Sackett Brick Company All Other Names used by the Debtor in the last 8 years (include married, maiden, and trade names): All Other Names used by the Joint Debtor in the last 8 years (include married, maiden, and trade names): aka Sackett Brick and Fireplace Last four digits of Soc. Sec. or Individual-Taxpayer I.D. (ITIN) No./Complete EIN Last four digits of Soc. Sec. or Individual-Taxpayer I.D.

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The name on the financing statement must be accurate and match the debtor's legal name to establish a valid security interest in collateral. If the debtor name is incorrect or is misspelled, the UCC-1 filing may be invalid.

Secured party is a lender, seller, or other person in whose favor a security interest exists. Debtor is the person who owes payment or performance of the obligation that is secured. Security agreement is the agreement between the secured party and the debtor that creates or provides for a security interest.

Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.

To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.

A secured transaction is a deal in which a buyer or borrower (called a debtor) guarantees payment of an obligation by giving a security interest in property to the seller or lender (called a secured party). The property in which a security interest exists is called collateral.

UCC Financing Statements: 11 Mistakes to Avoid Failure to Indicate the Correct Name of the Debtor in the Debtor Name Field(s). ... Submitting UCC3s With Multiple Functions in States That Don't Allow it. ... Incorrect UCC1 File Number Listed on UCC3.

In order to become a secured party, one must (i) prepare a document which grants a security interest (which is the agreement between the parties) and (ii) also perfect on that security interest (which is the notice to the world of the security interest). Without both steps occurring, the lender will be unsecured.

A creditor has a security interest in collateral—and becomes a secured party—if and when a security interest "attaches." Under the UCC, a security interest generally doesn't attach unless three basic requirements are met: value is given for the security interest.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232