Puerto Rico Ratification of Memorandum of Operating Agreement and Financing Statement - Form 1
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How to fill out Ratification Of Memorandum Of Operating Agreement And Financing Statement - Form 1?
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FAQ
Currently, the UCC (in whole or in part) has been enacted, with some local variation, in all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands.
If the individual resides in a state other than where the business is registered, multiple filings may be required in order to perfect. For more information on UCC filings, visit the First Corporate Solutions reference library or register for one of our free webinar events!
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.
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.
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.
Current Article 9 Forms for Use in Puerto Rico: UCC1 - Initial financing statement. UCC1 Addendum - Always use the addendum form for fixture/real-estate-related filings, when you have up to two additional debtors or one additional secured party or when you want to designate an assignor secured party.
