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
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PDF
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Financing Statement Additional Party
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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.