The Kentucky UCC-1 (Uniform Commercial Code-1) for Real Estate is a legal document that plays a crucial role in securing interests in real property transactions. This description will provide a detailed overview of what the Kentucky UCC-1 for Real Estate entails and its types, ensuring to incorporate relevant keywords. The UCC-1 is a financing statement used to perfect security interests in personal property collateral, as classified under the Uniform Commercial Code. However, when it comes to real estate, the UCC-1 primarily focuses on fixtures — personal property that is attached or affixed to real property, thereby becoming part of it. By filing a UCC-1 for Real Estate, a creditor can protect their interests against other parties and secure their right to the collateral in case of default. There are a few different types of Kentucky UCC-1 forms specific to real estate transactions: 1. Kentucky UCC-1 Financing Statement for Real Estate: This is the standard UCC-1 form used to file a financing statement related to a security interest in fixtures. It requires providing essential details such as the debtor's name, secured party's information, description of the collateral, and any applicable real estate property identification. 2. Kentucky UCC-1 Addendum for Real Estate: In some cases, additional information may need to be provided alongside the standard UCC-1 form. The addendum provides the opportunity to include specific details related to the collateral, assuring a comprehensive description and securing the creditor's interest more effectively. 3. Kentucky UCC-1 Termination Statement for Real Estate: Once a debt is satisfied or a security interest is released, filing a UCC-1 termination statement is necessary to remove the previous claim from public records. This document ensures that the collateral is no longer encumbered by the previous UCC-1 filing. Applying for a Kentucky UCC-1 for Real Estate involves filing the relevant form(s) with the Clerk's Office in the county where the real property is located. This process helps establish the priority of a creditor's interest and notifies other potential creditors of existing security interests. In conclusion, the Kentucky UCC-1 for Real Estate is an essential tool for protecting and establishing security interests in fixtures associated with real property. By filing the appropriate UCC-1 forms, creditors can safeguard their rights and ensure their position when it comes to real estate transactions.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.