A Colorado Financing Statement refers to a legal document that is filed to establish a security interest in collateral for a loan between a debtor and secured party. This statement serves as a public record and gives notice to other creditors about the creditor's interest in the collateral. It is crucial for lenders and creditors to file a financing statement to protect their rights and ensure their priority over other competing interests. The Colorado Uniform Commercial Code (UCC) governs the filing of financing statements in the state. According to the UCC Article 9, a financing statement should contain specific information about both the debtor and the secured party. This includes their names and addresses, a description of the collateral, and any additional terms or conditions. In Colorado, there are various types of financing statements, each serving a specific purpose: 1. Original Financing Statement: This is the primary document filed to initially establish a security interest in collateral. It is filed with the Colorado Secretary of State's Office, specifically through the Uniform Commercial Code filing system. 2. Amendment Financing Statement: When there are changes or corrections to the original filing, an amendment financing statement is filed. It updates the information such as changes in the debtor's or secured party's information, collateral description, or terms of the agreement. 3. Continuation Statement: A continuation statement is filed to extend the initial financing statement's effectiveness beyond its expiration date. In Colorado, the initial filing remains effective for five years, and by filing a continuation statement before expiration, the secured party can maintain their priority rights for an extended period. 4. Termination Statement: Once a loan has been repaid, a termination statement is filed to officially release the security interest and remove it from the public record. This document effectively marks the end of the relationship between the debtor and the secured party. 5. Partial Release Statement: In the case where only a portion of the collateral has been satisfied or released, a partial release statement is filed to release the lien on the collateral that is no longer subject to the security interest. It is important for debtors and secured parties to ensure accurate and timely filing of financing statements to protect their legal rights and avoid any potential disputes. The specific requirements and procedures for filing an effective financing statement can vary, so it is advisable to consult an attorney or refer to the Colorado Secretary of State's official guidelines for detailed instructions.