California Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan
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How to fill out Exhibit To UCC-1 Financing Statement Regarding A Fixture Filing For A Commercial Loan?
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FAQ
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.
