A Louisiana Financing Statement Additional Party (LISA) is a document used to register a security interest in personal property in the state of Louisiana. It is typically used when someone is taking out a loan against a motor vehicle, boat, or other personal property. The LISA must be filed with the Louisiana Secretary of State in order to protect the lien holder's interest in the collateral. There are two types of Louisiana Financing Statement Additional Parties: the Debtor and the Secured Party. The Debtor is the person taking out the loan and the Secured Party is the person/entity providing the loan. The LISA must list the Debtor and Secured Party, as well as information about the collateral being used.
Louisiana Financing Statement Additional Party
State:
Louisiana
Control #:
LA-SKU-0571
Format:
PDF
Instant download
This website is not affiliated with any governmental entity
Public form
Description
Financing Statement Additional Party
How to fill out Louisiana Financing Statement Additional Party?
Managing formal documentation necessitates diligence, precision, and the use of well-crafted templates.
US Legal Forms has been assisting individuals nationwide in achieving this for 25 years, so when you select your Louisiana Financing Statement Additional Party template from our collection, you can rest assured it adheres to federal and state standards.
All documents are designed for multi-purpose use, like the Louisiana Financing Statement Additional Party you see on this page. If you require them again, you can complete them without additional payment - simply access the My documents tab in your profile and finish your document whenever necessary. Explore US Legal Forms and quickly prepare your business and personal paperwork in full legal compliance!
- Ensure to meticulously review the form content and its alignment with general and legal stipulations by previewing it or examining its description.
- Seek an alternative official blank if the previously accessed one does not correspond with your circumstances or state requirements (the option for that is located at the upper corner of the page).
- Log in to your account and download the Louisiana Financing Statement Additional Party in your preferred format. If it's your initial experience with our service, click Buy now to proceed.
- Register for an account, select your subscription plan, and make payment using your credit card or PayPal account.
- Determine the format in which you wish to receive your form and click Download. Print the document or integrate it into a professional PDF editor for electronic completion.
Form popularity
FAQ
You record a UCC in Louisiana at the Secretary of State's office, which maintains all relevant UCC filings. This registration allows secured parties to establish their interest in personal property. Ensuring correct documentation is vital for legal validation and security. For guidance, consider U.S. Legal Forms to navigate your UCC filing requirements efficiently.
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.
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.
Under Revised Article 9 of the Uniform Commercial Code, secured parties are permitted to file UCC Financing Statements prior to formal execution of the security agreement (pre-file) provided they receive proper authorization from the debtor to do so.
A secured party must be authorized to file a financing statement against the assets of the debtor. If the debtor is bound by a security agreement, authorization to file a financing statement is implied.
The Grantor is any person conveying or encumbering, whom any Lis Pendens, Judgments, Writ of Attachment, or Claims of Separate or Community Property shall be placed on record.
Essentially, a UCC-1 can be described as a financing statement. In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property.
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
A qualified financing statement should include: Debtor and secured party's name, Collateral describing, and. A creditor or other person authorized by the debtor in their security agreement files it.
