The Michigan Exhibit to UCC-1 Financing Statement serves as an essential component when filing a Fixture Filing for a Commercial Loan in Michigan. This document adds important information specific to the state's regulations, ensuring accurate and effective record-keeping. Here are the different types and relevant details of the Michigan Exhibit to UCC-1 Financing Statement: 1. Michigan UCC-1 Financing Statement: This standard form must be completed to initiate the filing process for a Fixture Filing in Michigan. It includes general information about the debtor and secured party, alongside details of the fixture to be financed. 2. Description of the Fixture: In this section, a comprehensive description of the fixture being financed is provided. This description should be precise and elaborate enough to clearly identify the fixture's nature, location, and any relevant specifications. 3. Location of the Fixture: A specific address or legal description of the real property where the fixture is installed must be included. This ensures the accurate identification of the collateral and its attached location. 4. Terms of the Commercial Loan: This portion outlines the specific terms and conditions of the commercial loan associated with the fixture. It includes details regarding the principal amount, interest rate, payment schedule, and any other relevant financial agreement. 5. Debtor Information: The debtor's legal name, organizational type, and address must be accurately provided. If the debtor is an individual, their address and social security or tax identification number should be included. For entities, details such as the legal name, state of organization, and the registered agent's information are necessary. 6. Secured Party Information: The name, address, and contact details of the secured party must be accurately specified. This ensures that the relevant parties can be easily identified and contacted in case of any required communication or future actions. 7. Filing Fees: Properly including the required filing fees is crucial to complete the process. The amount usually varies depending on the jurisdiction and the type of filing, so it is essential to consult the specific regulations and guidelines provided by the Michigan Secretary of State or the relevant authority. By completing the Michigan Exhibit to UCC-1 Financing Statement accurately and providing all the required information, debtors and secured parties ensure clear and compliant documentation, safeguarding their interests in the commercial loan and the financed fixture. Keeping up with Michigan's specific requirements plays a vital role in ensuring legal compliance and protecting the rights of all parties involved.
Michigan Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan
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How to fill out Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?
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Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
A fixture filing is a UCC-1 financing statement authorized and made in ance with the UCC adopted in the state in which the related real property is located. It covers property that is, or will be, affixed to improvements to such real property.
"Amendment" means a UCC record that amends the information contained in a financing statement. Amendments include assignments, continuations and terminations. "Assignment" is an amendment that assigns all or part of a secured party's power to authorize an amendment to 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. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
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.
Remember: as long as an asset has a UCC lien filed against it, you're not allowed to transfer, sell, or use it as collateral for any other loan.
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.
The Uniform Commercial Code (UCC) online service for customers filing financial statements and liens through the Secretary of State.
