This Uniform Commercial Code form, a UCC1-AD - Financing Statement - Texas, is for use in the documentation of personal property as collateral for a loan, and related matters.
Texas UCC1-AD - Financing Statement
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In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
You should file a UCC-1 Financing Statement with the secretary of state's office in the state where the debtor is incorporated or located. If the collateral is real property, then you should also file a UCC-1 with the county recorder's office in the county where the debtor's real property is located.
A UCC-1 financing statementalso sometimes referred to as a 'UCC-1 filing,' a 'UCC lien,' or simply a 'UCC-1'is a form that creditors use to create a lien against a debtor's property.
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
In Texas you can search for UCC-1 filings made against your company through a website provided by the Texas Secretary of State's office. There is a very small fee for conducting this search.
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.
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
A Uniform Commercial Code (UCC) lien filing, or UCC filing, is a notice lenders file to inform others of their claim in the assets owned by the borrower in the event of default.A lien against the assets of your business may slow down or prevent you from obtaining additional business credit.
Documents Filed in the Offices of the County Clerks All other types of amendment filings would require the filing of a financing statement in the Office of the Secretary of State. Documents pertaining to real estate records are to be filed in the Office of the County Clerk.