Illinois Financing Statement

• Category: Contracts - Sale of Goods
• State: Multi-State
• Control #: US-01693-AZ
• Format: Word; Rich Text

Description

This form is a UCC financing statement, used to record a security interest on personal property. An Illinois Financing Statement (also known as UCC-1) is a vital document used to establish a creditor's security interest in collateral provided by a debtor in the state of Illinois. This statement is filed with the Illinois Secretary of State's office and acts as a public record that notifies other potential creditors about the creditor's claim on specific collateral. Key elements within an Illinois Financing Statement include names and addresses of both the debtor and the creditor, a legal description of the collateral, and a statement indicating the transaction's nature. By filing this statement, the creditor protects their financial interest in the collateral against competing claims from other creditors. Additionally, Illinois recognizes different types of Financing Statements depending on the specific circumstances and nature of the collateral involved. Some common types include: 1. General Illinois Financing Statement: This type covers a broad range of collateral and is the most commonly filed form. It is used when the creditor wants to secure their interest in various types of collateral owned by the debtor. 2. Agricultural Lien Financing Statement: If the collateral involved is agricultural products, this statement is used to establish a security interest. It provides protection for creditors who extend credit to farmers for their crops, livestock, or equipment. 3. Transmitting Utility Financing Statement: This form is utilized when the collateral relates to accounts, contracts, or payment rights from providing utility services. Creditors filing this statement ensure their priority in collecting debts owed by the debtor. These various types of Illinois Financing Statements allow creditors to tailor their filings to the specific nature and characteristics of the collateral involved, ensuring comprehensive protection of their interests and increasing transparency within the commercial lending landscape.

An Illinois Financing Statement (also known as UCC-1) is a vital document used to establish a creditor's security interest in collateral provided by a debtor in the state of Illinois. This statement is filed with the Illinois Secretary of State's office and acts as a public record that notifies other potential creditors about the creditor's claim on specific collateral. Key elements within an Illinois Financing Statement include names and addresses of both the debtor and the creditor, a legal description of the collateral, and a statement indicating the transaction's nature. By filing this statement, the creditor protects their financial interest in the collateral against competing claims from other creditors. Additionally, Illinois recognizes different types of Financing Statements depending on the specific circumstances and nature of the collateral involved. Some common types include: 1. General Illinois Financing Statement: This type covers a broad range of collateral and is the most commonly filed form. It is used when the creditor wants to secure their interest in various types of collateral owned by the debtor. 2. Agricultural Lien Financing Statement: If the collateral involved is agricultural products, this statement is used to establish a security interest. It provides protection for creditors who extend credit to farmers for their crops, livestock, or equipment. 3. Transmitting Utility Financing Statement: This form is utilized when the collateral relates to accounts, contracts, or payment rights from providing utility services. Creditors filing this statement ensure their priority in collecting debts owed by the debtor. These various types of Illinois Financing Statements allow creditors to tailor their filings to the specific nature and characteristics of the collateral involved, ensuring comprehensive protection of their interests and increasing transparency within the commercial lending landscape.