New Mexico 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. The New Mexico Financing Statement is a legal document used to secure a debtor's interest in personal property as collateral for a loan or other financial transaction. It is an essential part of the Uniform Commercial Code (UCC) in New Mexico. This statement provides notice to other parties that a secured party has a security interest in the debtor's assets and helps establish priority when multiple lenders are involved. Keywords: New Mexico Financing Statement, UCC, legal document, personal property, collateral, debtor, secured party, security interest, loan, financial transaction, priority. There are different types of New Mexico Financing Statements based on the nature of the transaction: 1. General Financing Statement: This type of financing statement is used to cover a wide range of tangible and intangible personal property. It provides a broad description of the collateral and is typically used when no other specific financing statement is applicable. 2. Agricultural Financing Statement: This financing statement specifically applies to agricultural liens and covers crops, livestock, equipment, and other agriculturally related assets. 3. Manufactured Home Financing Statement: This type of financing statement is utilized for manufactured homes, also known as mobile homes. It secures the lender's interest in the mobile home as collateral. 4. Fixture Filing Financing Statement: A fixture filing financing statement is filed to cover fixtures, which are personal property items that are permanently attached to real estate. These include machinery, equipment, and other assets considered part of the property. 5. Timber to be Cut Financing Statement: For transactions involving the sale or financing of standing timber that is to be cut, a timber to be cut financing statement is used to establish security interests in the timber. It is essential to ensure that the correct type of financing statement is filed with the appropriate authorities to protect the interests of all parties involved in the financial transaction. In summary, the New Mexico Financing Statement is a crucial legal document used to secure a debtor's interest in personal property. It comes in various types depending on the specific nature of the assets involved, such as general financing statements, agricultural financing statements, manufactured home financing statements, fixture filing financing statements, and timber to be cut financing statements. These statements help establish the priority of lenders and provide notice of a secured party's security interest, enabling smooth financial transactions and protecting the rights of all parties involved.

The New Mexico Financing Statement is a legal document used to secure a debtor's interest in personal property as collateral for a loan or other financial transaction. It is an essential part of the Uniform Commercial Code (UCC) in New Mexico. This statement provides notice to other parties that a secured party has a security interest in the debtor's assets and helps establish priority when multiple lenders are involved. Keywords: New Mexico Financing Statement, UCC, legal document, personal property, collateral, debtor, secured party, security interest, loan, financial transaction, priority. There are different types of New Mexico Financing Statements based on the nature of the transaction: 1. General Financing Statement: This type of financing statement is used to cover a wide range of tangible and intangible personal property. It provides a broad description of the collateral and is typically used when no other specific financing statement is applicable. 2. Agricultural Financing Statement: This financing statement specifically applies to agricultural liens and covers crops, livestock, equipment, and other agriculturally related assets. 3. Manufactured Home Financing Statement: This type of financing statement is utilized for manufactured homes, also known as mobile homes. It secures the lender's interest in the mobile home as collateral. 4. Fixture Filing Financing Statement: A fixture filing financing statement is filed to cover fixtures, which are personal property items that are permanently attached to real estate. These include machinery, equipment, and other assets considered part of the property. 5. Timber to be Cut Financing Statement: For transactions involving the sale or financing of standing timber that is to be cut, a timber to be cut financing statement is used to establish security interests in the timber. It is essential to ensure that the correct type of financing statement is filed with the appropriate authorities to protect the interests of all parties involved in the financial transaction. In summary, the New Mexico Financing Statement is a crucial legal document used to secure a debtor's interest in personal property. It comes in various types depending on the specific nature of the assets involved, such as general financing statements, agricultural financing statements, manufactured home financing statements, fixture filing financing statements, and timber to be cut financing statements. These statements help establish the priority of lenders and provide notice of a secured party's security interest, enabling smooth financial transactions and protecting the rights of all parties involved.