Agricultural Processors Lien / Notice form for agricultural processor to notice lien held in processed goods filed the North Dakota filing office.
North Dakota UCC Agricultural Processor's Lien / Notice
Category:
State:
North Dakota
Control #:
ND-UCC-ASL-1
Format:
PDF
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How to fill out North Dakota UCC Agricultural Processor's Lien / Notice?
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FAQ
A UCC-Uniform Commercial Code-1 statement is a legal notice filed by creditors as a way to publicly declare their rights to potentially obtain the personal properties of debtors who default on business loans they extend.
A UCC filing ensures you are a secured creditor and therefore in the best possible position to get paid. In addition, a Purchase Money Security Interest filing provides the priority right of repossession of your inventory or equipment at default or bankruptcy. You define default in your security agreement.
Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.
A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
A UCC-1 financing statementalso sometimes referred to as a 'UCC-1 filing,' a 'UCC lien,' or simply a 'UCC-1'is a form that creditors use to create a lien against a debtor's property.
A UCC lien is a claim against your business assets under the U.S. Uniform Commercial Code.If you borrow money, a UCC filing simply lets the lender establish a priority claim on your assets. If your company goes belly up, the lien makes it easier for the lender to collect its due.
Filer Information. Name and phone number of contact at filer. Email contact at filer. Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.