Louisiana UCC Financing Statement (Pursuant To Chapter 9 of The Commercial Laws) is a type of security interest filed with the Louisiana Secretary of State in accordance with the Louisiana Uniform Commercial Code. It is a document used by a secured party to perfect its security interest in the collateral of a debtor. The UCC Financing Statement is used to provide public notice of the security interest and to protect the secured party’s interest in the collateral. The different types of Louisiana UCC Financing Statement are: Initial Financing Statement, Continuation Statement, Amendment, Assignment of Financing Statement, and Termination Statement.
Louisiana UCC Financing Statement (Pursuant To Chapter 9 of The Commercial Laws)
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Louisiana
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LA-SKU-0574
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UCC Financing Statement (Pursuant To Chapter 9 Of The Commercial Laws)
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FAQ
Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.
Article 9 of the Uniform Commercial Code requires a financing statement to include the name of the debtor. It is important to set forth the exact legal name of the debtor in any filings that are made.
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
A UCC filing won't impact your business credit scores directly because it doesn't indicate anything about your ability to repay your debts. However, it can affect your ability to get credit again in the future.
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. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
In short, UCC Article 9's main objective is to help lenders become secured creditors. Article 9 regulates security interests in personal property as collateral for an outstanding debt.
An Example of a UCC Lien Filing If you secure equipment financing, the lender will file a UCC lien to state that if the debt for the espresso machine is not repaid, the lender has the right to repossess the espresso machine or seize other assets from your business.
The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default. However, in many cases, the terms UCC lien and UCC filing are used interchangeably.