Mississippi UCC3 Financing Statement
Description
Definition and meaning
The Mississippi UCC3 Financing Statement is a legal document used to perfect a security interest in personal property under the Uniform Commercial Code (UCC). This form notifies creditors and interested parties that a secured party has a claim against certain assets owned by a debtor. It is essential for establishing priority in case of liquidation or bankruptcy.
How to complete a form
To properly complete a Mississippi UCC3 Financing Statement, follow these steps:
- Provide the initial financing statement file number: In the designated area, enter the unique file number of the financing statement related to this amendment.
- Choose the purpose: Indicate whether you are terminating a security interest, continuing its effectiveness, or making an amendment.
- Fill in debtor information: Provide the current and new names and addresses of the debtor, ensuring accurate spelling and information.
- Collaterals: Describe any changes to collateral that are relevant to the financing statement, including additions or deletions.
- Signature: Ensure that the secured party or authorized individual signs the document.
Who should use this form
The Mississippi UCC3 Financing Statement should be used by creditors, banks, and lenders who wish to secure their interests in personal property when providing loans or credit. Additionally, it can be utilized by businesses and individuals looking to amend or terminate existing financing statements. It is crucial for those who engage in transactions involving secured interests to ensure their rights are recorded properly.
Key components of the form
The key components of a Mississippi UCC3 Financing Statement include:
- File number: The reference number of the original financing statement.
- Debtor information: Complete names and addresses of the debtor and secured party.
- Amendment type: Indication of whether the form is for termination, continuation, or amendment.
- Collateral description: Detailed information about the collateral involved in the transaction.
- Authorizing signature: A signature from the secured party authorizing the changes or amendments.
Common mistakes to avoid when using this form
When completing the Mississippi UCC3 Financing Statement, avoid these common mistakes:
- Inaccurate information: Double-check all names and addresses for correct spelling and formatting.
- Missing signatures: Ensure the relevant parties have signed the form before submission.
- Incorrect file number: Confirm that the initial financing statement file number is correct to avoid processing delays.
- Skipping collateral details: Clearly describe all collateral involved to prevent ambiguity in rights.
State-specific requirements
In Mississippi, certain specific rules apply when filing a UCC3 Financing Statement:
- Filing office: The form must be filed with the Mississippi Secretary of State's Office.
- Filing fees: Be aware of the required fees for filing, which can vary based on the type of filing.
- Attachments: If additional space is needed for collateral descriptions, use the Amendment Addendum or report additional debtors in the Amendment Additional Party form.
How to fill out Mississippi UCC3 Financing Statement?
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FAQ
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
A UCC 3 form, also known as a Financing Statement Amendment, is a document tracking changes to the UCC 1 such as the termination, the continuation, and the transfer of the Financing Statement. Other amendments are also filed, such as amending the names of the two parties or amending the collateral.
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.
Why file a UCC-3 form? The UCC-3 is the Swiss-Army-Knife of forms. Unlike a UCC 1, a UCC 3 can be used for multiple purposes. The actions one can take are Amendment, Assignment, Continuation, and Termination.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
The UCC-1 Financing Statement is filed to protect a lender's or creditor's security interest by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain debtor.
The financing statement describes the types of collateral or personal property that is pledged against the value of the loan, and it identifies the parties that have an interest or stake in the collateral if the debtor defaults.
A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term UCC filing comes from the uniform commercial code.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).