Las Cruces New Mexico UCC1 Financing Statement

• Category: New Mexico Contracts - Uniform Commercial Code
• State: New Mexico
• Control #: NM-UCC1
• Format: PDF

Description

UCC1 - Financing Statement - New Mexico - For use after July 1, 2001. This form is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws. Las Cruces, New Mexico UCC1 Financing Statement is a legal document filed with the Secretary of State's office in New Mexico that provides public notice of a security interest in personal property. The UCC1 Financing Statement is governed by the Uniform Commercial Code (UCC) and is typically used by lenders, businesses, and individuals to protect their rights in collateral for a loan or transaction. The primary purpose of a Las Cruces New Mexico UCC1 Financing Statement is to establish priority in case of default or bankruptcy. By filing this statement, a creditor can secure their interest in the personal property, preventing other creditors or potential buyers from claiming rights to the collateral. Some relevant keywords related to Las Cruces New Mexico UCC1 Financing Statement include: 1. Collateral: The personal property or assets that are subject to the security interest. Examples can include inventory, accounts receivable, machinery, vehicles, or even intangible assets like patents or copyrights. 2. Secured Party: The lender, financial institution, or creditor who is providing the loan and holds the security interest in the collateral. 3. Debtor: The borrower or individual/entity who owes the debt and grants the security interest in the collateral to the secured party. 4. Filing: Refers to the process of submitting the UCC1 Financing Statement to the Secretary of State's office in Las Cruces, New Mexico. The filing includes information about the debtor, secured party, and collateral. 5. Termination: When a debt is paid off, the UCC1 Financing Statement can be terminated by filing a termination statement. This document removes the public notice of the security interest and frees the collateral from any claims. It is important to note that while there might be variations in filing procedures or requirements specific to Las Cruces, New Mexico, the UCC1 Financing Statement itself remains consistent across different jurisdictions within the United States. Overall, the Las Cruces New Mexico UCC1 Financing Statement provides essential protection for parties involved in financial transactions, ensuring transparency and clarity regarding the security interest in personal property.

Las Cruces, New Mexico UCC1 Financing Statement is a legal document filed with the Secretary of State's office in New Mexico that provides public notice of a security interest in personal property. The UCC1 Financing Statement is governed by the Uniform Commercial Code (UCC) and is typically used by lenders, businesses, and individuals to protect their rights in collateral for a loan or transaction. The primary purpose of a Las Cruces New Mexico UCC1 Financing Statement is to establish priority in case of default or bankruptcy. By filing this statement, a creditor can secure their interest in the personal property, preventing other creditors or potential buyers from claiming rights to the collateral. Some relevant keywords related to Las Cruces New Mexico UCC1 Financing Statement include: 1. Collateral: The personal property or assets that are subject to the security interest. Examples can include inventory, accounts receivable, machinery, vehicles, or even intangible assets like patents or copyrights. 2. Secured Party: The lender, financial institution, or creditor who is providing the loan and holds the security interest in the collateral. 3. Debtor: The borrower or individual/entity who owes the debt and grants the security interest in the collateral to the secured party. 4. Filing: Refers to the process of submitting the UCC1 Financing Statement to the Secretary of State's office in Las Cruces, New Mexico. The filing includes information about the debtor, secured party, and collateral. 5. Termination: When a debt is paid off, the UCC1 Financing Statement can be terminated by filing a termination statement. This document removes the public notice of the security interest and frees the collateral from any claims. It is important to note that while there might be variations in filing procedures or requirements specific to Las Cruces, New Mexico, the UCC1 Financing Statement itself remains consistent across different jurisdictions within the United States. Overall, the Las Cruces New Mexico UCC1 Financing Statement provides essential protection for parties involved in financial transactions, ensuring transparency and clarity regarding the security interest in personal property.