Chattel Form Paper With Code In Texas
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Non-Transferable Assets: Assets that are legally restricted from being transferred, such as government benefits, social security payments, or certain insurance policies, cannot be used as collateral since they cannot be seized or sold.
A Q&A guide to Uniform Commercial Code (UCC) Article 9 Sales in Texas. Article 9 of the Model UCC is intended to create a uniform system across the country for creating, perfecting, and enforcing security interests in personal property.
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.
The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.
Article 9 provides a secured creditor with the advantage of taking possession of collateral immediately on a debtor's default.
Uniform Commercial Code Article 9 provides a statutory framework that governs secured transactions--transactions that involve the granting of credit secured by personal property. Each state maintains an office for filing finance statements to publicly disclose security interests in encumbered property.
No new counties shall be created so as to approach nearer than twelve miles of the county seat of any county from which it may in whole or in part be taken.
A rule of thumb when filing a UCC record is to file at the central filing office of the state where the debtor is located. However, there are exceptions, such as when the UCC records is filed as a fixture filing.
What information is required for a UCC-1 filing? For a filing against an individual person as the debtor, the required information is: Last name, first name. Mailing address, city, state, zip code and country.
