171:, 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. Many states have a state agency that operates under the secretary of state, which is tasked with overseeing business organizations and activities, including receipt of financing statements. However, an exception exists if the collateral is something that is tied to a particular piece of
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150:. A financing statement may also be filed in the real estate records by a lessor of fixtures to establish the priority of the lessor's rights against a holder of a mortgage or other lien on the real property. The creditor's rights against the debtor and the lessor's rights against the lessee are based on the credit documents and the lease, respectively, and not the financing statement.
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in the real property and related fixtures. The financing statement does not create a lien nor does it create any additional rights against a lessee in favor of a lessor, the filing of a financing statement just gives notice of whatever rights the creditor or lessor have under their loan documents or lease, respectively.
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against the property so that other lenders or buyers of the personal property will know of the security interest. In the case of a filing of a financing statement by a lessor of fixtures, the filing of the financing statement gives notice of the lessor's interests to others who acquire an interest
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by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain priority. Such notices of sale are often found in the local newspapers. Once the form has been filed, the creditor establishes a relative priority with other
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A filed financing statement typically has a duration of five years from when it was filed before a lapse may occur. Upon a lapse, a financing statement is no longer effective and any security interest that was perfected by the financing statement becomes unperfected. A secured party can continue
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141:(a person who owes a debt to the creditor as typically specified in the agreement creating the debt). This form is filed in order to "perfect" a creditor's
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Pursuant to the standards set forth in the UCC, at 9-503 and 9–504, the financing statement need only contain three pieces of information:
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creditors of the debtor. This process is also called "perfecting the security interest" in the property, and this type of loan is a
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an indication of the collateral, "whether or not it is specific, if it reasonably identifies what is described." (UCC 9-108)
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In the case of a loan secured by personal property collateral, the filing of a financing statement gives notice of a
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their security interest by filing a continuation six months before the expiration date of the financing statement.
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245:"§ 9-515. DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT OF LAPSED FINANCING STATEMENT"
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files to give notice that it has or may have an interest in the personal property of a
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217:"What is a UCC1 Financing Statement? | Legal Form Articles - FindLegalForms.com"
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The financing statement is generally filed with the office of the
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