Puerto Rico Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan
Description
How to fill out Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?
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FAQ
All the most recent UCC Article 9 Amendments are effective in all states. With the exception of New York and Puerto Rico, all jurisdictions accept one or more of the versions of the Article 9 UCC forms below.
In order to properly perfect your interest, your financing statement must (i) provide the correct legal name and exact spelling of your debtor's name; (ii) provide the name of the secured party or a representative thereof; and (iii) include sufficient description of the collateral.
In addition to filing with the state, the UCC is filed with the County office that holds the county real estate records for the property. Filings for ownership entities are made in the state where the entity is registered. Filings for individuals are made in the state in which the individual resides.
With the adoption of this measure, Puerto Rico incorporated modern financing legislation that is on par with the world market, particularly related to the uniform ruling of the United States, better known as the Uniform Commercial Code, UCC, for its acronym in English.
?UCC? stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments. The Uniform Commercial Code is a comprehensive set of statutes created to provide consistency among the states.
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.
In addition to filing with the state, the UCC is filed with the County office that holds the county real estate records for the property. Filings for ownership entities are made in the state where the entity is registered. Filings for individuals are made in the state in which the individual resides.
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.
