This Uniform Commercial Code form, a UCC11 - Request for Information - Texas, is for use in the documentation of personal property as collateral for a loan, and related matters.
Title: Understanding Texas UCC Filing with the State: A Comprehensive Overview Intro: In Texas, UCC (Uniform Commercial Code) filings with the state provide crucial information about various legal transactions involving personal property. These filings serve to protect both buyers and sellers by establishing priority rights and ensuring transparency in commercial dealings. This article aims to delve into the details of Texas UCC filing with the state, including its purpose, procedures, and different types of filings. Keywords: Texas UCC filing, state, Uniform Commercial Code, personal property, legal transactions, priority rights, transparency, commercial dealings. 1. Purpose of Texas UCC Filing: Texas UCC filing is a critical process that enables parties involved in commercial transactions to establish their claims over personal property. It promotes transparency, giving potential buyers access to important information about a specific debtor's existing secured interests. UCC filings also provide creditors with a means to protect their interests in an efficient and legally recognized manner. Keywords: Purpose, commercial transactions, claims, personal property, transparency, secured interests, creditors. 2. Procedures for Texas UCC Filing: To initiate a UCC filing in Texas, individuals or businesses must submit the necessary forms and fees to the appropriate state agency, typically the Texas Secretary of State or county clerks. The filing must include important information such as debtor and creditor details, description of collateral, and any applicable financing statements. Properly completing and submitting the required documents within the specified time frames is crucial for a successful UCC filing. Keywords: Procedures, forms, fees, Texas Secretary of State, county clerks, debtor, creditor, collateral, financing statements, successful filing. 3. Types of Texas UCC Filings: Texas recognizes several types of UCC filings to address different kinds of transactions and relationships. Some common types of UCC filings in Texas include: a. UCC-1 Financing Statement: This filing is used to establish a secured interest in specific collateral, notifying potential lenders and buyers that the debtor has pledged the property as collateral for a loan or other obligations. b. UCC-3 Amendment: An amendment filing is necessary when there are changes to the original UCC-1 filing, such as amendments to debtor's name, address, or additional collateral. c. UCC-5 Information Statement: This filing aims to provide additional information related to a previous UCC filing, typically disclosing assignments, terminations, or releases of collateral. Keywords: Types, UCC-1 Financing Statement, UCC-3 Amendment, UCC-5 Information Statement, secured interest, collateral, amendments, assignments, terminations, releases. Conclusion: Texas UCC filing with the state is an essential process that safeguards the rights of parties involved in commercial transactions. By providing transparency and establishing priority rights, these filings ensure confidence and security in the marketplace. Understanding the purpose, procedures, and different types of Texas UCC filings is crucial for individuals and businesses seeking to protect their interests and comply with legal requirements. Keywords: Conclusion, safeguard, rights, commercial transactions, transparency, priority rights, confidence, security, compliance.
