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.
Austin Texas UCC1-AD - Financing Statement
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State:
Texas
City:
Austin
Control #:
TX-UCC1-AD
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PDF
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How to fill out Texas UCC1-AD - Financing Statement?
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FAQ
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.
The Office of the Secretary of State is the central filing office for the receipt, filing, indexing and recordation of financing statements and other documents provided for under the Uniform Commercial Code and certain other lien notice statutes.
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).
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.
UCC liens are used when a creditor wants to give notice to other lenders of its interest in a debtor's property. A UCC-1 financing statement is generally filed with the debtor's secretary of state when a loan is originated. Lenders can attach UCC liens to a wide range of assets, including: Inventory.
Texas has adopted the following Articles of the UCC: Article 3: Negotiable instruments: UCC Article 3 applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8.
Effective July 01, 2001, all UCC filings are to be made with the Texas Secretary of State. County Clerks will no longer take UCC filings. This does not affect UCC's filed in the Real Property office. Only terminations will be filed by the County Clerk's office.
How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
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.
The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.