North Dakota Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan

• Category: Loans and Lending
• State: Multi-State
• Control #: US-1177BG
• Format: Word; Rich Text

Description

A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property. The North Dakota Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan is a document that accompanies a UCC-1 Financing Statement in the state of North Dakota. This exhibit is specifically related to fixture filings for commercial loans. Fixtures, in this context, refer to goods that are permanently attached to a property and are considered part of the real estate. The North Dakota Exhibit to UCC-1 Financing Statement for a Fixture Filing for a Commercial Loan serves as additional information and documentation to properly perfect the security interest of the lender in the fixtures. It provides important details about the collateral being financed and helps to ensure the lender's priority in future legal actions. Key information included in the exhibit may consist of: 1. Debtor and secured party details: The exhibit includes the legal names and addresses of both the debtor (borrower) and the secured party (lender). This information is essential for correctly identifying the parties involved in the commercial loan transaction. 2. Description of the collateral: A comprehensive description of the fixtures being financed is necessary to precisely identify and establish the lender's security interest in the property. This description may include serial numbers, model numbers, and other relevant details. 3. Legal property description: The exhibit must contain a detailed legal description of the real estate where the fixtures are installed. This ensures that the filing is connected to the specific property and not just the debtor. 4. UCC-1 Financing Statement reference: The exhibit will make reference to the UCC-1 Financing Statement to which it relates. It provides the filing number and date of the initial UCC-1 filing, ensuring the proper connection between the exhibit and the original filing. In addition to the main North Dakota Exhibit to UCC-1 Financing Statement concerning fixture filings for commercial loans, there may be specific types of exhibits depending on the specific circumstances of the loan. These variations could include: 1. Fixture Financing Statement Amendment Exhibit: This exhibit is used when modifications or amendments need to be made to an existing fixture financing statement. It includes the necessary changes to reflect updated information regarding the collateral, debtor, secured party, or real estate description. 2. Fixture Financing Statement Continuation Exhibit: In cases where the financing statement's effectiveness is about to expire, this exhibit is filed to extend its duration. It references the original filing and provides the appropriate continuation details, ensuring the secured party's continued priority. 3. Fixture Financing Statement Termination Exhibit: Once a commercial loan is repaid or satisfied, this exhibit is filed to terminate the fixture financing statement. It references the original filing and states that the security interest in the fixtures has been released. These exhibits play a critical role in the proper documentation and perfection of a lender's security interest in fixtures. Adhering to the requirements outlined by North Dakota's UCC laws is essential to protect the lender's rights and interests in the commercial loan transaction.

The North Dakota Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan is a document that accompanies a UCC-1 Financing Statement in the state of North Dakota. This exhibit is specifically related to fixture filings for commercial loans. Fixtures, in this context, refer to goods that are permanently attached to a property and are considered part of the real estate. The North Dakota Exhibit to UCC-1 Financing Statement for a Fixture Filing for a Commercial Loan serves as additional information and documentation to properly perfect the security interest of the lender in the fixtures. It provides important details about the collateral being financed and helps to ensure the lender's priority in future legal actions. Key information included in the exhibit may consist of: 1. Debtor and secured party details: The exhibit includes the legal names and addresses of both the debtor (borrower) and the secured party (lender). This information is essential for correctly identifying the parties involved in the commercial loan transaction. 2. Description of the collateral: A comprehensive description of the fixtures being financed is necessary to precisely identify and establish the lender's security interest in the property. This description may include serial numbers, model numbers, and other relevant details. 3. Legal property description: The exhibit must contain a detailed legal description of the real estate where the fixtures are installed. This ensures that the filing is connected to the specific property and not just the debtor. 4. UCC-1 Financing Statement reference: The exhibit will make reference to the UCC-1 Financing Statement to which it relates. It provides the filing number and date of the initial UCC-1 filing, ensuring the proper connection between the exhibit and the original filing. In addition to the main North Dakota Exhibit to UCC-1 Financing Statement concerning fixture filings for commercial loans, there may be specific types of exhibits depending on the specific circumstances of the loan. These variations could include: 1. Fixture Financing Statement Amendment Exhibit: This exhibit is used when modifications or amendments need to be made to an existing fixture financing statement. It includes the necessary changes to reflect updated information regarding the collateral, debtor, secured party, or real estate description. 2. Fixture Financing Statement Continuation Exhibit: In cases where the financing statement's effectiveness is about to expire, this exhibit is filed to extend its duration. It references the original filing and provides the appropriate continuation details, ensuring the secured party's continued priority. 3. Fixture Financing Statement Termination Exhibit: Once a commercial loan is repaid or satisfied, this exhibit is filed to terminate the fixture financing statement. It references the original filing and states that the security interest in the fixtures has been released. These exhibits play a critical role in the proper documentation and perfection of a lender's security interest in fixtures. Adhering to the requirements outlined by North Dakota's UCC laws is essential to protect the lender's rights and interests in the commercial loan transaction.