What is a UCC 1a filing?

A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

What does initial UCC-1 mean?

What is a UCC-1? A UCC-1 is a ?financing statement? filed to provide notice that a creditor has a security interest in a debtor's personal property. It is not an agreement. It is a notice d that one person claims an interest in someone else's property, usually as collateral for a debt.

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North Dakota Real Estate and UCC Filing UCC-3A

North Dakota Real Estate and UCC Filing UCC-3A

Name: North Dakota Real Estate and UCC Filing UCC-3A
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.65 (454 reviews)

Category:

North Dakota Secretary of State - Uniform Commercial Code

State:

North Dakota

Control #:

ND-SKU-0105

Format:

Instant download

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Description

Real Estate and UCC Filing UCC-3A North Dakota Real Estate is the ownership, purchase, sale, development, and management of real property in the state of North Dakota. North Dakota Real Estate includes residential, commercial, industrial, and agricultural properties. North Dakota Real Estate also includes the UCC Filing UCC-3A, which is a filing of an amendment to a financing statement that has been previously filed in the North Dakota Secretary of State's Office. The UCC-3A is used to add, delete, or modify the information in the original filing. Examples of UCC-3A filings include adding a secured party, adding or deleting an item of collateral, or changing the debtor's name. Other types of North Dakota Real Estate filings include UCC-1 (initial filing of a financing statement), UCC-3 (continuation or continuation in-part statement), UCC-5 (information statement) and UCC-11 (terminal statement).

North Dakota Real Estate is the ownership, purchase, sale, development, and management of real property in the state of North Dakota. North Dakota Real Estate includes residential, commercial, industrial, and agricultural properties. North Dakota Real Estate also includes the UCC Filing UCC-3A, which is a filing of an amendment to a financing statement that has been previously filed in the North Dakota Secretary of State's Office. The UCC-3A is used to add, delete, or modify the information in the original filing. Examples of UCC-3A filings include adding a secured party, adding or deleting an item of collateral, or changing the debtor's name. Other types of North Dakota Real Estate filings include UCC-1 (initial filing of a financing statement), UCC-3 (continuation or continuation in-part statement), UCC-5 (information statement) and UCC-11 (terminal statement).

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In addition to filing with the state, the UCC is filed with the County office that holds the county real estate records for the property. Filings for ownership entities are made in the state where the entity is registered. Filings for individuals are made in the state in which the individual resides.

In general, a UCC filing is not bad for your business ? it simply serves as an official notice to other creditors that your lender has a security interest in one or all of your assets. However, UCC filings can impact your business credit, risk your company's assets and/or hinder your ability to get future financing.

A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

A UCC filing, also known as a UCC lien or a UCC-1, is a financing statement which lenders can file against your business with your secretary of state. When you take out a secured loan, the lender may file a lien to protect the asset(s) you committed to secure financing.

A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.

The UCC-1 is akin to a real estate mortgage, but for personal property. With real estate, the way a third party knows that a creditor must be paid before he or she takes the real estate free and clear is by reviewing the real estate records and seeing if there are outstanding mortgages.

3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.

What is a UCC-1? A UCC-1 is a ?financing statement? filed to provide notice that a creditor has a security interest in a debtor's personal property. It is not an agreement. It is a notice d that one person claims an interest in someone else's property, usually as collateral for a debt.

More info

(or recorded) in the REAL ESTATE RECORDS. Real Estate Record Information.If this Amendment (Form UCC3) is to be filed in the real estate records, complete the required information. Pdf from ACCT MISC at Central Washington University. Items 1 - 7 — Instructions for National UCC Financing Statement (Form UCC1). Please type or laser-print this form. All owners of Section 202 or and Section 811 properties must complete the UCC. However, it is a very short form. 3a. ORGANIZATION'S NAME. 3. Type of UCC filing - Select the type of UCC from the drop down box.

North Dakota Real Estate and UCC Filing UCC-3A

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