Oklahoma 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 financing statement in Oklahoma is a legal document that serves as a public notice of a security interest in personal property. When someone secures a loan with personal property as collateral, they must file a financing statement in order to protect their interest and establish priority over other creditors. The Oklahoma Uniform Commercial Code (UCC), which governs secured transactions, requires the filing of a financing statement to provide notice to all interested parties about the existence and nature of the security interest. The UCC Article 9 applies to transactions involving personal property used or bought for commercial purposes. The Oklahoma Secretary of State's Office is responsible for accepting and processing financing statements. The filing must include essential information such as the debtor's name and address, the secured party's name and address, a description of the collateral, and any other necessary details. It is crucial for the accuracy of this information as any discrepancies or errors could undermine the effectiveness of the filing. There are two different types of financing statements in Oklahoma: 1. Original Financing Statement: This is the initial filing made by the secured party to establish the security interest. It is used for creating a new security interest or amending a previous financing statement. 2. Amendment Financing Statement: This type of financing statement is used to make changes to an existing filing. It may involve updating or correcting information, adding or removing collateral, or terminating a security interest. It is important for creditors and potential buyers to search the Oklahoma Secretary of State's records for existing financing statements before entering into transactions involving personal property. This search ensures that they are aware of any existing security interests and can determine the priority of these interests. Parties to a transaction can request a "UCC Search" to obtain a report on the status of any UCC filings. In summary, an Oklahoma financing statement is a crucial legal document that provides public notice of a security interest in personal property. By filing a financing statement, creditors safeguard their rights and establish priority over other parties. With an original financing statement and amendment financing statement available, individuals can initiate new security interests, make changes, or terminate existing filings.

A financing statement in Oklahoma is a legal document that serves as a public notice of a security interest in personal property. When someone secures a loan with personal property as collateral, they must file a financing statement in order to protect their interest and establish priority over other creditors. The Oklahoma Uniform Commercial Code (UCC), which governs secured transactions, requires the filing of a financing statement to provide notice to all interested parties about the existence and nature of the security interest. The UCC Article 9 applies to transactions involving personal property used or bought for commercial purposes. The Oklahoma Secretary of State's Office is responsible for accepting and processing financing statements. The filing must include essential information such as the debtor's name and address, the secured party's name and address, a description of the collateral, and any other necessary details. It is crucial for the accuracy of this information as any discrepancies or errors could undermine the effectiveness of the filing. There are two different types of financing statements in Oklahoma: 1. Original Financing Statement: This is the initial filing made by the secured party to establish the security interest. It is used for creating a new security interest or amending a previous financing statement. 2. Amendment Financing Statement: This type of financing statement is used to make changes to an existing filing. It may involve updating or correcting information, adding or removing collateral, or terminating a security interest. It is important for creditors and potential buyers to search the Oklahoma Secretary of State's records for existing financing statements before entering into transactions involving personal property. This search ensures that they are aware of any existing security interests and can determine the priority of these interests. Parties to a transaction can request a "UCC Search" to obtain a report on the status of any UCC filings. In summary, an Oklahoma financing statement is a crucial legal document that provides public notice of a security interest in personal property. By filing a financing statement, creditors safeguard their rights and establish priority over other parties. With an original financing statement and amendment financing statement available, individuals can initiate new security interests, make changes, or terminate existing filings.