Description of Wisconsin Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan: The Wisconsin Exhibit to UCC-1 Financing Statement is a crucial document when it comes to securing a commercial loan that involves fixtures. Fixtures refer to goods attached to real estate and are considered part of the property. This exhibit specifically deals with the filing of a financing statement pertaining to the fixtures involved in a commercial loan transaction. Wisconsin's law requires this exhibit to be included in the UCC-1 Financing Statement to provide additional details and clarification about the fixtures being pledged as collateral in a commercial loan. It is important to accurately complete this exhibit, as it adds specificity to the financing statement, thereby protecting the lender's interests in the event of default or non-payment. Keywords: Wisconsin, UCC-1 Financing Statement, fixture filing, commercial loan, collateral, real estate, financing statement, default, non-payment. Types of Wisconsin Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan: 1. Fixture Description: This type of exhibit focuses on providing a detailed description of the fixtures attached to the real estate property. It includes information such as the type of fixtures, their location within the property, and any distinguishing features that may affect their value or significance. 2. Valuation and Appraisal: This exhibit type is used to provide a comprehensive valuation and appraisal of the fixtures. It involves engaging professional appraisers or valuers to assess the worth of the fixtures, taking into consideration factors like market value, condition, depreciate.
Wisconsin Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan
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How to fill out Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?
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FAQ
For UCC and EFS, a termination creates a public record that a loan was repaid, a lien was removed, or some other obligation was met.
To delete collateral: Check the DELETE collateral box in item 8 and indicate the deleted collateral. A partial release is a DELETE collateral change. To restate covered collateral description: Check the RESTATE covered collateral box in item 8 and indicate the restated collateral.
Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (or assets) and remove the UCC-1 filing.
All other UCC filings are to be made with the Department of Financial Institutions (DFI), Uniform Commercial Code Section, P.O. Box 7847, Madison, WI 53707-7847. Standard forms may be obtained from the DFI website: . Paper forms may be printed, completed and submitted for filing.
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
A fixture filing is a UCC-1 financing statement authorized and made in ance with the UCC adopted in the state in which the related real property is located. It covers property that is, or will be, affixed to improvements to such real property.
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. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.
