When it's necessary to file a Ucc Financing Statement Michigan For Leased Equipment that adheres to your local state's statutes and regulations, there are multiple alternatives to select from.
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Addresses. Technically, a correct address is not required for a financing statement to be effective. However, a filing office can (and usually will) reject financing statement without addresses for the Debtor or the Secured Party as allowed under Section 9-516(b)(4) and (5).
A UCC financing statement also called a UCC-1 financing statement or a UCC-1 filing is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
How to complete a UCC1 (Step by Step)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.
Note: Under Article 9 of the Uniform Commercial Code, a financing statement must 1) give the names of the debtor and the secured party, 2) be signed by the debtor, 3) give the address of the secured party, 4) give the address of the debtor, and 5) indicate the items of collateral.
A UCC filing on your business is made to create a lien against the equipment or property used as collateral. Most lenders require a UCC filing because it clearly identifies a specific asset as being the lender's property until the loan or lease is paid and the UCC is released along with title.