When it comes to securing a commercial loan in North Carolina, it is important for lenders to file a Fixture Filing through a UCC-1 Financing Statement. This exhibit serves as a crucial documentation to establish the lender's priority interest in fixtures, which are defined as goods that have become physically attached to real estate. By understanding the process and components of this filing, lenders can properly protect their interests in the collateral provided by the borrower. Let's delve into the details and explore the key aspects of the North Carolina Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan. One type of North Carolina Exhibit to UCC-1 Financing Statement is the "Fixture Filing with Description" form. This form requires a detailed description of the collateral, including the specific fixtures being claimed, their location on the real estate, and any additional information that helps identify the fixtures and establish their attachment to the property. Another type of exhibit is the "Fixture Filing with Real Property ID" form. In this case, instead of providing a detailed description of the fixtures, the lender indicates the real property identification number (PID) assigned to the property by the county. The PID uniquely identifies the real estate and acts as a reference point to establish the attachment of the fixtures to the property. The North Carolina Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan is critical for lenders, as it allows them to assert their priority interest in the fixtures ahead of other potential creditors. This exhibit complements the UCC-1 Financing Statement, which is a standard form used to secure a lender's interest in personal property. When completing the exhibit, the lender will include essential information such as their name and address, the borrower's name and address, the date of the loan agreement, and the principal amount of the loan. Furthermore, the lender will specify the type of collateral being claimed, in this case, fixtures. It is crucial to accurately identify the fixtures or provide the real property ID to avoid any confusion or disputes. Additionally, the exhibit may require the lender to describe any related legal agreements or documents, such as a security agreement or mortgage, that further establish the lender's interest in the fixtures. This ensures that all relevant information is properly documented and allows for a comprehensive understanding of the lender's rights and obligations. Overall, the North Carolina Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan plays a vital role in protecting the lender's interest in fixtures attached to real estate. By filing this exhibit correctly, lenders can establish their priority position in case of default or other creditor claims. It is crucial for lenders to familiarize themselves with the different types of exhibits available and accurately complete the necessary documentation to safeguard their financial interests.
North Carolina 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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How long does a UCC filing last? A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid.
1. 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.
If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.
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.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
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.
If the borrower defaults on the loan, the lender has a legally recognized priority claim to the collateral over other creditors. Once the loan is paid off, the lender should file a UCC-3 termination statement. This removes the UCC lien and indicates that the lender no longer has an interest in the collateral.
All other UCC's will be filed in the Office of the NC Dept of the Secretary of State, Uniform Commercial Code Section, PO Box 29622, Raleigh, NC 27626-0622. The UCC-1 is a form used in an initial filing of a financing statement.
