North Carolina 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 North Carolina Financing Statement is an official document filed with the North Carolina Secretary of State's office that provides notice to the public that a secured party has a security interest in specific collateral owned by a debtor. This statement is a crucial part of the Uniform Commercial Code (UCC) system, which governs commercial transactions in the United States. The North Carolina Financing Statement serves as a public record, allowing third parties to determine the rights and priorities of secured parties in relation to specific collateral. It is an essential tool for lenders, creditors, and businesses engaged in secured transactions. Keywords: North Carolina Financing Statement, UCC system, secured party, security interest, collateral, third parties, lenders, creditors, businesses, secured transactions. Types of North Carolina Financing Statements: 1. Original Financing Statement: This is the initial filing made by a secured party to establish their security interest in a debtor's collateral. It typically includes necessary information such as the debtor's name and address, secured party's name and address, description of the collateral, and any additional information required by the Secretary of State. 2. Amendment Financing Statement: An amendment financing statement is filed to modify or correct information on a previously filed financing statement. This could include changes to the debtor's name or address, the secured party's information, or alterations to the description of collateral. 3. Continuation Financing Statement: A continuation financing statement is filed to extend the effectiveness of the original financing statement beyond its expiration date. In North Carolina, a financing statement is generally effective for five years from the date of filing. By filing a continuation statement before the expiration, the secured party ensures that their security interest remains in force. 4. Termination Financing Statement: Upon the satisfaction or termination of a secured debt, the secured party files a termination financing statement to formally release their security interest in the collateral. This serves as public notice that the debtor is no longer obligated to the secured party. Keywords: Original Financing Statement, Amendment Financing Statement, Continuation Financing Statement, Termination Financing Statement, debtor, secured party, collateral, Secretary of State, filing, UCC system. Understanding the North Carolina Financing Statement and its various types is essential for lenders, creditors, and businesses engaged in secured transactions within the state. By ensuring accurate and timely filings, parties can protect their interests and avoid potential conflicts or disputes related to their security interests in collateral.

A North Carolina Financing Statement is an official document filed with the North Carolina Secretary of State's office that provides notice to the public that a secured party has a security interest in specific collateral owned by a debtor. This statement is a crucial part of the Uniform Commercial Code (UCC) system, which governs commercial transactions in the United States. The North Carolina Financing Statement serves as a public record, allowing third parties to determine the rights and priorities of secured parties in relation to specific collateral. It is an essential tool for lenders, creditors, and businesses engaged in secured transactions. Keywords: North Carolina Financing Statement, UCC system, secured party, security interest, collateral, third parties, lenders, creditors, businesses, secured transactions. Types of North Carolina Financing Statements: 1. Original Financing Statement: This is the initial filing made by a secured party to establish their security interest in a debtor's collateral. It typically includes necessary information such as the debtor's name and address, secured party's name and address, description of the collateral, and any additional information required by the Secretary of State. 2. Amendment Financing Statement: An amendment financing statement is filed to modify or correct information on a previously filed financing statement. This could include changes to the debtor's name or address, the secured party's information, or alterations to the description of collateral. 3. Continuation Financing Statement: A continuation financing statement is filed to extend the effectiveness of the original financing statement beyond its expiration date. In North Carolina, a financing statement is generally effective for five years from the date of filing. By filing a continuation statement before the expiration, the secured party ensures that their security interest remains in force. 4. Termination Financing Statement: Upon the satisfaction or termination of a secured debt, the secured party files a termination financing statement to formally release their security interest in the collateral. This serves as public notice that the debtor is no longer obligated to the secured party. Keywords: Original Financing Statement, Amendment Financing Statement, Continuation Financing Statement, Termination Financing Statement, debtor, secured party, collateral, Secretary of State, filing, UCC system. Understanding the North Carolina Financing Statement and its various types is essential for lenders, creditors, and businesses engaged in secured transactions within the state. By ensuring accurate and timely filings, parties can protect their interests and avoid potential conflicts or disputes related to their security interests in collateral.