A California Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan is a legal document that helps secure a lender's interest in fixtures attached to real property. Fixtures are items that are affixed or attached to the land or property, typically intended to enhance its functionality or value. The purpose of this exhibit is to provide detailed information about the fixtures that are being used as collateral for the commercial loan. By filing this document with the appropriate authorities, it ensures that the lender has a legal claim to the fixtures in case of default or other financial obligations. Keywords: California, Exhibit, UCC-1 Financing Statement, Fixture Filing, Commercial Loan, collateral, fixtures, legal document, lender, default, financial obligations. Types of California Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan: 1. Specific Fixture Filing: This type of filing is used when the lender wants to claim a specific fixture or group of fixtures as collateral. It requires providing detailed descriptions and identification of the fixtures along with relevant supporting documentation. 2. General Fixture Filing: In a general fixture filing, the lender claims a security interest in all fixtures that are or will be attached to the real property. It offers broader coverage compared to specific fixture filing as it includes future fixtures that may be installed after the filing. 3. Amendment to Fixture Filing: An amendment to a fixture filing is filed when there is a need to modify or update the existing fixture filing. This could include changes in the description of fixtures, additional fixtures, or any other relevant information. 4. Termination of Fixture Filing: When the commercial loan is fully repaid or the collateral is no longer valid, a termination of fixture filing is filed. This document removes the lender's claim on the fixtures and releases them back to the borrower or property owner. 5. Continuation Statement: A continuation statement is filed to extend the validity of a fixture filing beyond its initial expiration date. It ensures that the lender's interest in the fixtures remains active and enforceable. These different types of California Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan serve specific purposes and provide clarity and legal protection for lenders and borrowers in commercial loan transactions involving fixtures as collateral.
California Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan
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How to fill out California Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?
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The lender should describe the collateral in the security agreement by type, category or a specific listing. A generic ?all assets? description is not sufficient for purposes of the security agreement.
The place to file a UCC document is listed in I.C. 26-1-9.1-501. If you are unsure of the appropriate place to file, you should seek legal counsel. To record a new UCC with our office, fill out and submit the UCC Financing Statement form.
Then, what makes a collateral description sufficient? Article 9-108 provides the following: (a) Except as otherwise provided? a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) [Examples of reasonable identification.]
If a Financing Statement is filed as a fixture filing or if the collateral consists of timber to be cut or as-extracted minerals then the filing is to be filed in the county recorders office in the county where the collateral is located.
Thus, when the collateral is not in the possession of the secured party, a security agreement must be in writing to be enforceable. The agreement must be signed by the debtor, contain a description of the property, and the description must reasonably identify the property involved (the collateral).
If the collateral description in a security agreement is broad enough to include all of a debtor's assets, then the collateral description in the UCC financing statement only needs to state, ?all assets,? or, ?all per- sonal property,? of the debtor (unlike security agreements which must be more specific pursuant to ...
Collateral is an asset?like a car or a home?that can help borrowers qualify for a loan by lowering the risk to a lender. Secured loans typically require collateral; unsecured loans usually don't. Auto loans, mortgages and secured credit cards are examples of secured loans.
A UCC (Uniform Commercial Code) financing statement is a mortgage or security agreement that uses personal property as collateral. These agreements are recorded in the county if real property is affected. Note: The Registrar-Recorder/County Clerk sells complete documents, not individual pages, of a document.
