This form is an Assignment of Accounts Receivable. The assignor conveys all interest in the accounts listed on the Attachment included in the form. The accounts represent all outstanding accounts of the assignor from the sale of products or services.
Oklahoma Accounts Receivable - Assignment
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US-00400
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A UCC 1 financing statement in Oklahoma serves as a public notice that a creditor has a security interest in a debtor's assets. This document plays a crucial role in securing loans and other financial transactions. If you need assistance with filing or understanding UCC 1 financing statements as they pertain to Oklahoma Accounts Receivable - Assignment, US Legal Forms offers resources and support to help you navigate the process.
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Accounts Receivable are amounts due from customers from the sale of services or merchandise on credit. They are usually due in 30 ? 60 days. They are classified on the Balance Sheet as current assets.
Assignment of receivables would mean sale of the lease rentals, not the asset. In that case, the leased asset still remains the property of the assignor ? that is, the assignor has retained the residual interest in the asset. However, it would be different if the lessor sells the asset that has been leased out.
Firstly, factoring is a financial service of selling and purchasing, which implies consideration, unlike assignment, which may take place either with or without consideration. In addition, non-matured or future accounts receivable can be subject to factoring.
Assignment of accounts receivable is a lending agreement whereby the borrower assigns accounts receivable to the lending institution. In exchange for this assignment of accounts receivable, the borrower receives a loan for a percentage, which could be as high as 100%, of the accounts receivable.
Accounts receivable can be considered a ?current asset? because it's usually converted to cash within one year. When a receivable is converted into cash after more than one year, instead of being recorded as a current asset, it's recorded as a long-term asset.
Accounts Receivable?the value of all money due to a company for goods or services delivered or used but not yet paid for by customers?is entered in Current Assets as long as the accounts can be expected to be paid within a year.
Example of the Assignment of Accounts Receivable ABC Corp. approaches XYZ Bank to obtain financing using its accounts receivable as collateral. XYZ Bank agrees to provide a loan of 85% of the total accounts receivable value, which amounts to $170,000 (85% of $200,000).
