North Dakota UCC1 Financing Statement
What is this form?
The North Dakota UCC1 Financing Statement is a legal document that serves to establish a secured interest in specific collateral between a debtor and a secured party. By registering this financing statement, creditors can protect their interests in the collateral specified against third parties. This form is essential for creditors seeking to create a public record of their security interest in the debtor's personal property, ensuring compliance with state laws since July 1, 2001.
What’s included in this form
- Debtor name: Includes the legal name of either an organization or an individual.
- Collateral description: Specifies the collateral covered by the financing statement.
- Acknowledgment request: Option to request confirmation of filing.
- Additional debtors: Allows the inclusion of supplementary debtors if applicable.
- Filing office details: Instructions for submission, including required fees.
Common use cases
This form is necessary when a creditor needs to secure interests in specific assets of a debtor, such as when extending a loan or credit. It is commonly used in transactions involving personal property, such as equipment, inventory, or receivables, where the creditor wants to formalize their security interest. Using this form helps protect the creditor's rights in case of default by the debtor.
Who should use this form
- Creditors seeking to secure a loan or credit with a debtor's personal property.
- Businesses or individuals involved in loan agreements requiring collateral.
- Legal professionals advising clients on securing interests in assets.
Steps to complete this form
- Identify the debtor: Enter the exact legal name of the debtor, either individual or organization.
- Describe the collateral: Clearly specify the collateral that is secured.
- Fill in additional debtor information: If applicable, include names of any additional debtors.
- Provide required addresses: Include the debtor's legal address for proper notification.
- Submit the form: Send the completed form to the appropriate filing office along with the required fee.
Does this form need to be notarized?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Entering incorrect debtor names, which can invalidate the form.
- Failing to properly describe the collateral, leading to potential disputes.
- Omitting necessary addresses or identification numbers, which could delay processing.
- Not following the instructions completely, risking legal implications.
Legal use & context
- This form helps create a public record of security interests, essential for protecting creditor rights.
- It is enforceable under state law, ensuring that creditors can claim their interests in collateral.
- Failure to file this form can result in losing priority in the event of debtor bankruptcy or default.
Main things to remember
- The North Dakota UCC1 Financing Statement is crucial for securing interests in personal property.
- Accurate completion and filing are vital to maintaining enforceable rights.
- Please be cautious of common mistakes to ensure the effectiveness of this form.
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FAQ
A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term UCC filing comes from the uniform commercial code.
The financing statement is generally filed with the office of the state secretary of state, in the state where the debtor is located - for an individual, the state where the debtor resides, for most kinds of business organizations the state of incorporation or organization.
Why file a UCC-3 form? The UCC-3 is the Swiss-Army-Knife of forms. Unlike a UCC 1, a UCC 3 can be used for multiple purposes. The actions one can take are Amendment, Assignment, Continuation, and Termination.
Section 9-503 of the UCC provides various, more specific rules regarding the sufficiency of a debtor's name on a financing statement.However, unlike with a security agreement, on a financing statement it is acceptable to use a supergeneric description of collateral.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
It should be noted that UCC financing statements filed now generally do not contain a grant of the security interest and generally are not signed or otherwise authenticated by the Debtor and therefore would not satisfy the requirement of a security agreement.
You should file a UCC-1 Financing Statement with the secretary of state's office in the state where the debtor is incorporated or located. If the collateral is real property, then you should also file a UCC-1 with the county recorder's office in the county where the debtor's real property is located.
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
