New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan

Category:
State:
Multi-State
Control #:
US-1177BG
Format:
Word; 
Rich Text
Instant download

Description

A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.

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.

How to fill out New York Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?

If you need to complete, acquire, or print out legal file templates, use US Legal Forms, the most important assortment of legal kinds, which can be found on the Internet. Make use of the site`s basic and practical research to discover the files you need. Various templates for organization and individual functions are categorized by types and suggests, or search phrases. Use US Legal Forms to discover the New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan in just a handful of mouse clicks.

Should you be already a US Legal Forms buyer, log in in your accounts and then click the Down load key to get the New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan. You may also gain access to kinds you earlier downloaded in the My Forms tab of your respective accounts.

If you use US Legal Forms the very first time, refer to the instructions listed below:

  • Step 1. Make sure you have selected the form for the proper city/country.
  • Step 2. Make use of the Review solution to examine the form`s content. Do not forget about to see the description.
  • Step 3. Should you be unhappy together with the form, utilize the Research industry towards the top of the display to find other versions from the legal form design.
  • Step 4. When you have found the form you need, click the Buy now key. Select the prices strategy you choose and add your references to register for an accounts.
  • Step 5. Process the purchase. You should use your bank card or PayPal accounts to finish the purchase.
  • Step 6. Find the format from the legal form and acquire it in your product.
  • Step 7. Total, revise and print out or signal the New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan.

Every legal file design you buy is yours permanently. You might have acces to every single form you downloaded with your acccount. Click the My Forms section and pick a form to print out or acquire again.

Be competitive and acquire, and print out the New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan with US Legal Forms. There are thousands of professional and status-specific kinds you can utilize for your personal organization or individual requirements.

Form popularity

FAQ

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.

Interesting Questions

More info

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 ... if (1) the collateral is as-extracted collateral or timber to be cut or (2) the financing statement is filed as a fixture filing and the collateral is goods ...6. If this Financing Statement is filed as a fixture filing or if the collateral consists of timber to be cut or as-extracted collateral, complete ... Nov 8, 2021 — File a financing statement: The creditor can file a financing statement with the appropriate jurisdiction using the new national form. This ... Read and follow all Instructions. Fill in form very carefully; mistakes may have important legal consequences. If you have questions, consult your attorney. The ... If you're financing a coop apartment purchase in NYC, banks will need a UCC Filing, and more specifically a UCC Financing Statement in order to close. Real Property Recording Fees. Document To Be Filed, Fee On Standard Form. Real Estate Documents, $32.00 + $5.00 per page + $5.00 for Cover Page. Jul 15, 2019 — The first is simply to file a financing statement that covers fixtures in the office designated by UCC Section 9‐501(a)(2). In most ... Aug 15, 2022 — Luckily, this process is simple, and all you have to do is request your lender file a UCC-3 termination statement with your last loan payment.

Trusted and secure by over 3 million people of the world’s leading companies

New York Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan