Missouri Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan is a legal document used in the state of Missouri to provide detailed information about a fixture filing in relation to a commercial loan. This exhibit is an attachment to the UCC-1 Financing Statement and serves as an additional reference for the involved parties in the loan transaction. Keywords: Missouri, Exhibit to UCC-1 Financing Statement, Fixture Filing, Commercial Loan. The Missouri Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan includes essential details related to the fixture filing, such as: 1. Property Description: This section includes a detailed description of the property that the fixture filing covers. It provides information about the location, address, and legal description of the property. 2. Debtor Information: The exhibit contains information about the debtor, who is the party borrowing the commercial loan. This includes the debtor's legal name, address, and any additional identifying details required by the filing. 3. Secured Party Information: This section includes details about the secured party, who is the lender providing the commercial loan. The secured party's legal name, address, and any other necessary identifying information are stated. 4. Collateral Description: Here, a specific description of the collateral being used to secure the loan is provided. This description includes information about the fixtures, which are goods that have become "attached" to the property, becoming part of it. It might include fixtures such as machinery, equipment, furniture, or other attachments specified in the loan agreement. 5. Filing Information: This section provides information about the UCC-1 Financing Statement, which is the primary document to which this exhibit is appended. Details such as filing number, date, and names of other parties involved in the filing are mentioned to ensure proper referencing and organization. Different Types of Missouri Exhibits to UCC-1 Financing Statement regarding Fixture Filing for a Commercial Loan may include: 1. Standalone Fixture Filing Exhibit: This type of exhibit may be used when the fixture filing is separate from other UCC-1 Financing Statements. It is specifically tailored to address the unique aspects of a fixture filing for a commercial loan. 2. Combined Fixture Filing Exhibit: In some cases, a commercial loan may involve multiple collateral types, including fixtures. In such situations, a combined fixture filing exhibit can be used, providing a comprehensive overview of all collateral types, including fixtures. 3. Amended Fixture Filing Exhibit: When modifications or amendments are made to an existing fixture filing, an amended fixture filing exhibit may be attached to the UCC-1 Financing Statement. This exhibit ensures that all parties involved are aware of the changes made to the original filing. By utilizing these Missouri Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan, the involved parties can have a comprehensive and legally binding document that outlines the details of the fixture filing, ensuring clarity and transparency in the loan transaction.
Missouri Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan
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How to fill out Missouri Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?
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FAQ
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.
Chapter 400 of the Missouri Revised Statutes is known as Missouri's Uniform Commercial Code (?UCC?). It was enacted in 1963 to simplify the laws governing commercial transactions in Missouri.
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.
While a UCC-1 filing expires after five years unless extended, a mortgage is good until released, which obviously can be far longer than five years. PRACTICE TIP: Thus, there are three ways to file against fixtures.
(41) "Fixtures" means goods that have become so related to particular real property that an interest in them arises under real property law.
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.
In general, a UCC filing is not bad for your business ? it simply serves as an official notice to other creditors that your lender has a security interest in one or all of your assets. However, UCC filings can impact your business credit, risk your company's assets and/or hinder your ability to get future financing.
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.
