Lansing Michigan UCC1 Financing Statement

• Category: Michigan Contracts - Statewide - Uniform Commercial Code
• State: Michigan
• City: Lansing
• Control #: MI-UCC1
• Format: PDF

Description

UCC1 - Financing Statement - Michigan - 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. The Lansing Michigan UCC1 Financing Statement is an essential legal document filed by creditors and lenders to secure their interest in a debtor's personal property as collateral. It provides vital information about the debtor, creditor, and the specific assets involved in the financing agreement. The UCC1 Financing Statement plays a significant role in the Uniform Commercial Code (UCC), a standardized set of laws governing commercial transactions across the United States. Keywords: Lansing Michigan, UCC1 Financing Statement, creditors, lenders, debtor, personal property, collateral, financing agreement, Uniform Commercial Code, commercial transactions. Types of Lansing Michigan UCC1 Financing Statements: 1. Individual Debtor: This type of UCC1 Financing Statement is filed when an individual serves as the debtor in the financing agreement. It includes the debtor's personal information, such as name, address, and social security number. 2. Business Debtor: When a business entity, such as a corporation, partnership, or limited liability company, is the debtor, a UCC1 Financing Statement for a business debtor is filed. It requires detailed information about the business, including its legal name, registered address, and tax identification number. 3. Fixture Filing: A fixture filing is a specific type of UCC1 Financing Statement used to claim a security interest in fixtures. Fixtures are goods that have become affixed or attached to the real property, such as machinery, equipment, or built-in fixtures like heating systems or plumbing. 4. Amended UCC1 Statement: An amended UCC1 Financing Statement is filed to modify or update information contained in the original financing statement. This can include changes in the debtor's name, address, or the collateral involved in the financing agreement. 5. Partial Release: If a portion of the collateral has been paid off or released, a partial release UCC1 Financing Statement is filed to remove the lien on the released assets while maintaining the security interest in the remaining collateral. 6. Termination: A termination UCC1 Financing Statement is filed when the financing agreement has been fully satisfied or the collateral is no longer subject to the creditor's security interest. It is crucial for creditors to file this statement promptly to release their claim on the debtor's personal property. By properly filing a Lansing Michigan UCC1 Financing Statement, creditors can protect their rights and interests in the collateral involved in a financing agreement. It serves as a public notice to other potential creditors, providing information on existing security interests. Note: The specific requirements, guidelines, and forms for filing a UCC1 Financing Statement may vary between states, so it is essential to consult the relevant legislation and regulations for precise procedures in Lansing, Michigan.

The Lansing Michigan UCC1 Financing Statement is an essential legal document filed by creditors and lenders to secure their interest in a debtor's personal property as collateral. It provides vital information about the debtor, creditor, and the specific assets involved in the financing agreement. The UCC1 Financing Statement plays a significant role in the Uniform Commercial Code (UCC), a standardized set of laws governing commercial transactions across the United States. Keywords: Lansing Michigan, UCC1 Financing Statement, creditors, lenders, debtor, personal property, collateral, financing agreement, Uniform Commercial Code, commercial transactions. Types of Lansing Michigan UCC1 Financing Statements: 1. Individual Debtor: This type of UCC1 Financing Statement is filed when an individual serves as the debtor in the financing agreement. It includes the debtor's personal information, such as name, address, and social security number. 2. Business Debtor: When a business entity, such as a corporation, partnership, or limited liability company, is the debtor, a UCC1 Financing Statement for a business debtor is filed. It requires detailed information about the business, including its legal name, registered address, and tax identification number. 3. Fixture Filing: A fixture filing is a specific type of UCC1 Financing Statement used to claim a security interest in fixtures. Fixtures are goods that have become affixed or attached to the real property, such as machinery, equipment, or built-in fixtures like heating systems or plumbing. 4. Amended UCC1 Statement: An amended UCC1 Financing Statement is filed to modify or update information contained in the original financing statement. This can include changes in the debtor's name, address, or the collateral involved in the financing agreement. 5. Partial Release: If a portion of the collateral has been paid off or released, a partial release UCC1 Financing Statement is filed to remove the lien on the released assets while maintaining the security interest in the remaining collateral. 6. Termination: A termination UCC1 Financing Statement is filed when the financing agreement has been fully satisfied or the collateral is no longer subject to the creditor's security interest. It is crucial for creditors to file this statement promptly to release their claim on the debtor's personal property. By properly filing a Lansing Michigan UCC1 Financing Statement, creditors can protect their rights and interests in the collateral involved in a financing agreement. It serves as a public notice to other potential creditors, providing information on existing security interests. Note: The specific requirements, guidelines, and forms for filing a UCC1 Financing Statement may vary between states, so it is essential to consult the relevant legislation and regulations for precise procedures in Lansing, Michigan.