The New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan is a crucial document that provides additional information related to a fixture filing in the state of New York. This exhibit is used to supplement the UCC-1 Financing Statement, which is a legal form that lenders file to establish their security interest in the collateral provided by the borrower. When it comes to commercial loans, lenders often require borrowers to provide fixtures as collateral. Fixtures are generally defined as personal property that becomes permanently attached or affixed to real property. Examples of fixtures can include machinery, equipment, or even built-in shelving in a commercial building. The New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan serves to provide specific details about the fixtures being offered as collateral. It helps lenders and other interested parties understand the nature of the fixtures, their value, and how they are attached to the real property. Keywords: New York, Exhibit, UCC-1 Financing Statement, Fixture Filing, Commercial Loan, collateral, fixtures, machinery, equipment, real property. Types of New York Exhibit to UCC-1 Financing Statement regarding Fixture Filing for a Commercial Loan: 1. Fixture Description: This type of exhibit includes a comprehensive list of fixtures being used as collateral. It provides specific details about each fixture, such as its make, model, serial number, or any other identification information. The exhibit would also describe how each fixture is affixed or attached to the real property. 2. Value Assessment: This exhibit focuses on evaluating the value of the fixtures offered as collateral. It may include appraisals, recent market assessments, or other valuation methods to determine the worth of the fixtures. This information helps in assessing the loan-to-value ratio of the commercial loan. 3. Maintenance and Insurance Requirements: This type of exhibit outlines any specific maintenance or insurance requirements related to the fixtures being used as collateral. It may specify that the borrower has to service the fixtures regularly or maintain insurance coverage to protect the lender's interest. 4. Release or Substitution Clause: In certain cases, the borrower may request the inclusion of a release or substitution clause in the exhibit. This clause outlines the conditions under which the borrower can replace the fixtures with alternative collateral or have the lender release their interest in specific fixtures as the loan is paid off. 5. Legal Representation Confirmation: This exhibit may also require the borrower's legal representative to confirm that the fixtures being described and used as collateral are not subject to any other liens or encumbrances. This confirmation provides additional assurance to the lender regarding the priority of their security interest. It is essential to consult qualified legal professionals experienced in UCC-1 filings and fixture filings in New York to ensure accuracy and completeness when preparing the New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan that meets specific requirements and aligns with the applicable laws and regulations.
New York 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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By Mail: send the completed form with the processing fee of $40 to the New York State Department of State, Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231.
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.
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.
New York State's Uniform Commercial Code (?UCC?) guides the sale of commercial business transactions, including the sale of goods between parties. Article 9 of the UCC governs transactions that combine a debt with a creditor's interest in a debtor's personal property.
(b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the Secretary of State.
What are the basic UCC fees? A UCC filing is $40 for a paper-based filing and $20 for an electronic filing (using XML transmission or e-File). The UCC search fee is $25. A separate Information Request (Form UCC-11) is required for each business or name to be searched.
New York State's Uniform Commercial Code (?UCC?) guides the sale of commercial business transactions, including the sale of goods between parties. Article 9 of the UCC governs transactions that combine a debt with a creditor's interest in a debtor's personal property.
(41) "Fixtures" means goods that have become so related to particular real property that an interest in them arises under real property law.
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.
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.
