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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.
A qualified financing statement should include: Debtor and secured party's name, Collateral describing, and. A creditor or other person authorized by the debtor in their security agreement files it.
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.
If the debtor is bound by a security agreement, authorization to file a financing statement is implied. If the debtor is not bound (or not yet bound) by the security agreement, the debtor must authenticate the financing statement. This is normally done by signing a confirmation document.
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.
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.
1 financing statement will automatically expire five years after the date of its filing 2.
How to complete a UCC1 (Step by Step) Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.