Michigan 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. A Michigan Financing Statement refers to a legal document that provides notice to interested parties about a secured party's interest in personal property collateral. This statement acts as an essential tool for creditors, allowing them to establish priority rights over the collateral in case of default or bankruptcy by the debtor. It serves as a public record that acknowledges the existence of a security interest in specific property or assets. The Michigan Financing Statement is filed with the Michigan Secretary of State's office under the provisions of the Uniform Commercial Code (UCC) Article 9. This UCC filing system ensures that creditors can protect their rights and avoid potential conflicts with other creditors or buyers. When creating a Michigan Financing Statement, certain keywords and elements are essential to include. These include: 1. Secured Party Information: The secured party, often the creditor, identifies themselves by providing their name, address, and contact details. 2. Debtor Information: The debtor, typically the party who owes the debt and owns the collateral, is identified by their name, address, and contact details. 3. Collateral Description: The collateral subject to the security interest must be clearly described in detail. The description should be specific enough to identify the property without confusion. 4. Filing Date: The date the financing statement is filed becomes crucial, as it determines priority rights in case of conflicting claims. 5. Termination Date: The financing statement also includes a termination date, which specifies the period for which the statement is effective. After this date, the statement becomes invalid unless renewed. It's important to note that within Michigan, there are two different types of financing statements: 1. Original Financing Statement: This is the initial filing made by the secured party to establish their interest in the collateral. It typically remains effective for a specific duration unless terminated or renewed. 2. Amendment Financing Statement: An amendment financing statement is filed when changes occur to the original financing statement. These changes could involve modifications to the debtor’s information, collateral description, or other related details. In conclusion, a Michigan Financing Statement is a legal document that allows secured parties to publicly declare their interest in collateral and protect their rights as creditors. Properly filing a detailed and accurate financing statement is crucial for securing priority rights, avoiding disputes, and assembling a comprehensive record of security interests in personal property within the state.

A Michigan Financing Statement refers to a legal document that provides notice to interested parties about a secured party's interest in personal property collateral. This statement acts as an essential tool for creditors, allowing them to establish priority rights over the collateral in case of default or bankruptcy by the debtor. It serves as a public record that acknowledges the existence of a security interest in specific property or assets. The Michigan Financing Statement is filed with the Michigan Secretary of State's office under the provisions of the Uniform Commercial Code (UCC) Article 9. This UCC filing system ensures that creditors can protect their rights and avoid potential conflicts with other creditors or buyers. When creating a Michigan Financing Statement, certain keywords and elements are essential to include. These include: 1. Secured Party Information: The secured party, often the creditor, identifies themselves by providing their name, address, and contact details. 2. Debtor Information: The debtor, typically the party who owes the debt and owns the collateral, is identified by their name, address, and contact details. 3. Collateral Description: The collateral subject to the security interest must be clearly described in detail. The description should be specific enough to identify the property without confusion. 4. Filing Date: The date the financing statement is filed becomes crucial, as it determines priority rights in case of conflicting claims. 5. Termination Date: The financing statement also includes a termination date, which specifies the period for which the statement is effective. After this date, the statement becomes invalid unless renewed. It's important to note that within Michigan, there are two different types of financing statements: 1. Original Financing Statement: This is the initial filing made by the secured party to establish their interest in the collateral. It typically remains effective for a specific duration unless terminated or renewed. 2. Amendment Financing Statement: An amendment financing statement is filed when changes occur to the original financing statement. These changes could involve modifications to the debtor’s information, collateral description, or other related details. In conclusion, a Michigan Financing Statement is a legal document that allows secured parties to publicly declare their interest in collateral and protect their rights as creditors. Properly filing a detailed and accurate financing statement is crucial for securing priority rights, avoiding disputes, and assembling a comprehensive record of security interests in personal property within the state.