UCC1 - Financing Statement - Texas - For use until August 1, 2013. This form is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws.
Texas UCC filing with the Secretary of State is a process that involves submitting official financial documents to ensure creditors' rights and establish priority in regard to collateral pledged by a debtor in a secured transaction. This filing system is governed by the Uniform Commercial Code (UCC) in the state of Texas. The Texas Secretary of State manages the electronic filing and maintenance of UCC records, which are publicly accessible. UCC filings serve to provide notice to other potential creditors about existing security interests and help determine the order in which to satisfy debts in the event of a default or bankruptcy. There are different types of Texas UCC filings that can be made with the Secretary of State: 1. UCC-1 Financing Statement: This is the most common type of filing and is used to establish a security interest in most types of collateral except real estate. The financing statement typically includes information about the debtor, secured party, and a description of the collateral. 2. UCC-3 Amendment: This filing is used to make changes or amendments to existing UCC-1 Financing Statements. Amendments can include adding or removing collateral, changing debtor or secured party information, or providing updates on the status of the secured transaction. 3. UCC-5 Information Statement: This filing is used to provide additional information about a previously filed UCC-1 Financing Statement. It is helpful when there is a need to disclose information that may not fit within the limited space of the financing statement itself. 4. UCC-11 Information Request: This filing allows interested parties to request a search of the UCC records maintained by the Texas Secretary of State. It helps determine whether any UCC filings exist against a specific debtor or collateral. 5. UCC-1F Financing Statement Addendum for Farm Products: This filing is specific to farm products and provides additional information related to the agricultural production or harvesting. It is essential to properly complete and submit the appropriate UCC forms to ensure compliance with the Texas Secretary of State's requirements. Accurate and detailed information must be provided to avoid potential conflicts or disputes in the future. Keeping up with UCC filings helps protect the interests of creditors, debtors, and other related parties involved in secured transactions.
