South Carolina UCC Financing Statement
Description
How to fill out South Carolina UCC Financing Statement?
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FAQ
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
A fixture filing is a UCC financing statement with an addendum that is filed in the local jurisdiction where the real property is located and is then recorded in the real property records.
In the case of a loan secured by personal property collateral, the filing of a financing statement gives notice of a lien against the property so that other lenders or buyers of the personal property will know of the security interest.
Uniform Commercial Code Filings - General Information These public notices, called financing statements, indicate a commercial agreement between a debtor and a secured party. Financing statements are filed by banks, mortgage companies, and other lending institutions against secured collateral.
1 financing statement will automatically expire five years after the date of its filing 2.
UCC Financing Statement (usually called a UCC-1 Form) is a form that creditors file with states in which they have a security interest in a debtor's personal property.
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
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.