UCC3 - Financing Statement Amendment - Utah - For use after July 1, 2001. This amendment is to be filed in the real estate records. This Financing Statement complies with all applicable state statutes.
Utah UCC filing with the Secretary of State is a crucial step for securing interests in personal property transactions. The Uniform Commercial Code (UCC) is a set of laws governing commercial transactions and serves as a legal framework for establishing rights and obligations between parties involved. When individuals or businesses need to assert their rights over certain assets, they can file a UCC financing statement with the Utah Secretary of State. There are several types of Utah UCC filings, each serving a specific purpose: 1. Regular UCC Filing: This is the most common type of UCC filing and represents a general security interest in personal property. It covers a wide range of assets, such as inventory, equipment, accounts receivable, and more. 2. Fixture Filing: When personal property, such as equipment or machinery, becomes attached to real property (land or buildings), a Fixture Filing is necessary to establish and protect the security interest. 3. Agricultural Lien Filing: This type of UCC filing is specific to agricultural transactions, where a creditor can establish priority rights over crops or farm equipment. 4. Manufactured-Home Filing: For individuals or businesses dealing with manufactured homes, filing a UCC statement ensures the security interest is properly recorded. The Utah Secretary of State's office acts as the central authority for UCC filings. To complete the filing process, the individual or business must provide accurate and detailed information, including the debtor's name and address, secured party's name and address, description of the collateral, and relevant dates. These details help maintain transparency and facilitate future transactions between parties involved. Filing a UCC statement with the Utah Secretary of State is critical as it allows potential creditors or buyers to conduct a search and identify existing security interests over certain assets. This search helps determine the priority of claims in case of default or bankruptcy, ensuring creditors have a clear understanding of any previous encumbrances on the property. In summary, Utah UCC filing with the Secretary of State encompasses various types of filings, including regular UCC filings, fixture filings, agricultural lien filings, and manufactured-home filings. These filings play a significant role in establishing and preserving security interests in personal property, facilitating transparent transactions, and mitigating potential risks for both debtors and creditors.
