Oregon 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 Oregon Financing Statement is a vital legal document used in the state of Oregon to secure the interests of lenders and creditors in personal property. It serves as a public declaration of a creditor's security interest in the property of a debtor, notifying others of the creditor's rights and claims over the property. The Oregon Financing Statement is filed with the Oregon Secretary of State, typically with the Corporation Division. This step is crucial to establish priority over other potential creditors and to protect the creditor's investment. It is important to ensure the accuracy and completeness of the information provided in the financing statement as any discrepancies can result in the loss of priority. The content of an Oregon Financing Statement typically includes the following keywords and information: 1. Debtor: The individual or entity who owes the debt and has granted a security interest to the creditor. 2. Secured Party: The person or entity lending or extending credit to the debtor, who is entitled to repayment through the debtor's property. 3. Description of Collateral: A clear and detailed description of the personal property or assets against which the security interest is claimed. This can include equipment, inventory, accounts receivable, vehicles, or any other types of personal property. 4. UCC Filing: A reference to the UCC (Uniform Commercial Code) laws adopted by the state of Oregon governing secured transactions. 5. Filing Fees: The appropriate filing fee must be paid to the Secretary of State along with the financing statement. In addition to the standard financing statement, there are additional types of financing statements that can be filed in Oregon to address specific situations: 1. Amendment Statement: Used to modify or amend the information contained in an existing financing statement. It may include changes in collateral description, debtor or secured party information, or the termination of the financial statement. 2. Continuation Statement: This filing extends the effectiveness of a previously filed financing statement beyond its expiration period, usually five years. It ensures that the creditor's security interest remains intact and doesn't lapse. 3. Termination Statement: Filed when a debt is paid off or the debtor no longer possesses the collateral. This statement releases the creditor's security interest and removes any claims or liens from the collateral. By understanding the purpose and types of the Oregon Financing Statements, creditors and lenders can safeguard their financial interests and efficiently navigate the legal processes related to securing personal property. It is crucial to consult with legal professionals or the Oregon Secretary of State's office for accurate and up-to-date guidance around filing and maintaining financing statements.

The Oregon Financing Statement is a vital legal document used in the state of Oregon to secure the interests of lenders and creditors in personal property. It serves as a public declaration of a creditor's security interest in the property of a debtor, notifying others of the creditor's rights and claims over the property. The Oregon Financing Statement is filed with the Oregon Secretary of State, typically with the Corporation Division. This step is crucial to establish priority over other potential creditors and to protect the creditor's investment. It is important to ensure the accuracy and completeness of the information provided in the financing statement as any discrepancies can result in the loss of priority. The content of an Oregon Financing Statement typically includes the following keywords and information: 1. Debtor: The individual or entity who owes the debt and has granted a security interest to the creditor. 2. Secured Party: The person or entity lending or extending credit to the debtor, who is entitled to repayment through the debtor's property. 3. Description of Collateral: A clear and detailed description of the personal property or assets against which the security interest is claimed. This can include equipment, inventory, accounts receivable, vehicles, or any other types of personal property. 4. UCC Filing: A reference to the UCC (Uniform Commercial Code) laws adopted by the state of Oregon governing secured transactions. 5. Filing Fees: The appropriate filing fee must be paid to the Secretary of State along with the financing statement. In addition to the standard financing statement, there are additional types of financing statements that can be filed in Oregon to address specific situations: 1. Amendment Statement: Used to modify or amend the information contained in an existing financing statement. It may include changes in collateral description, debtor or secured party information, or the termination of the financial statement. 2. Continuation Statement: This filing extends the effectiveness of a previously filed financing statement beyond its expiration period, usually five years. It ensures that the creditor's security interest remains intact and doesn't lapse. 3. Termination Statement: Filed when a debt is paid off or the debtor no longer possesses the collateral. This statement releases the creditor's security interest and removes any claims or liens from the collateral. By understanding the purpose and types of the Oregon Financing Statements, creditors and lenders can safeguard their financial interests and efficiently navigate the legal processes related to securing personal property. It is crucial to consult with legal professionals or the Oregon Secretary of State's office for accurate and up-to-date guidance around filing and maintaining financing statements.