A Wisconsin Financing Statement is a document that is used to perfect a security interest in certain types of personal property located in the state of Wisconsin. This document is filed with the Wisconsin Department of Financial Institutions and is used to secure the collateral for a loan or other type of financial agreement. The Wisconsin Financing Statement must include the names and addresses of both the debtor and the secured party, a description of the collateral, and the signature of the debtor. There are two main types of Wisconsin Financing Statements: UCC-1, which is used for general collateral, and UCC-3, which is used for fixtures and other specific types of collateral.
Wisconsin Financing Statement
State:
Wisconsin
Control #:
WI-SKU-1132
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PDF
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Financing Statement
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FAQ
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.
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.
The financing statement is generally filed with the office of the state secretary of state, in the state where the debtor is located - for an individual, the state where the debtor resides, for most kinds of business organizations the state of incorporation or organization.
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.
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.
Filing a UCC-1 statement allows creditors to collateralize or ?secure? their loan by utilizing the personal property assets of their customers. In the event of a customer defaulting on their loan or filing for bankruptcy, a UCC-1 elevates the lender's status to a secured creditor, ensuring that it will be paid.
The financial statement serves a similar purpose as recording a deed for real property: registering debt with a state so other creditors and the government can track legitimate security interests in property.
Noun. : a statement that contains information about a security interest in collateral used to secure a debt and that is filed to provide notice to other creditors of the security interest see also perfect sense b, Uniform Commercial Code compare financial statement.