Utah 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 Utah Financing Statement is a vital document used to establish a creditor's security interest in a debtor's collateral. It serves as a public notice to other potential creditors about the secured party's claim on specific assets. The Uniform Commercial Code (UCC) governs financing statements in the state of Utah. In Utah, there are two primary types of financing statements: the initial financing statement and the amendment financing statement. 1. Initial Financing Statement: The initial financing statement is the first filing made to establish a creditor's secured interest in the collateral. It typically includes key information such as the debtor's and secured party's names and addresses, a description of the collateral, and any included or referenced security agreements. The collateral description must be accurate and detailed enough to identify the assets precisely. 2. Amendment Financing Statement: An amendment financing statement is filed when modifications or changes occur in the initial financing statement. Amendments can include revisions to debtor's information, secured party's details, changes in the collateral description, or terminations of the security interest. These statements are essential to keep the public record updated and maintain the secured party's priority against other potential creditors. Keywords: Utah Financing Statement, creditor's security interest, collateral, public notice, secured party, UCC, initial financing statement, amendment financing statement, Uniform Commercial Code, debtor, secured interest, collateral description, security agreement, modification, termination, priority. Please note that while this description of a Utah Financing Statement provides a general overview, it is always recommended consulting with legal professionals and refer to the current UCC guidelines and relevant regulations for accurate and up-to-date information.

A Utah Financing Statement is a vital document used to establish a creditor's security interest in a debtor's collateral. It serves as a public notice to other potential creditors about the secured party's claim on specific assets. The Uniform Commercial Code (UCC) governs financing statements in the state of Utah. In Utah, there are two primary types of financing statements: the initial financing statement and the amendment financing statement. 1. Initial Financing Statement: The initial financing statement is the first filing made to establish a creditor's secured interest in the collateral. It typically includes key information such as the debtor's and secured party's names and addresses, a description of the collateral, and any included or referenced security agreements. The collateral description must be accurate and detailed enough to identify the assets precisely. 2. Amendment Financing Statement: An amendment financing statement is filed when modifications or changes occur in the initial financing statement. Amendments can include revisions to debtor's information, secured party's details, changes in the collateral description, or terminations of the security interest. These statements are essential to keep the public record updated and maintain the secured party's priority against other potential creditors. Keywords: Utah Financing Statement, creditor's security interest, collateral, public notice, secured party, UCC, initial financing statement, amendment financing statement, Uniform Commercial Code, debtor, secured interest, collateral description, security agreement, modification, termination, priority. Please note that while this description of a Utah Financing Statement provides a general overview, it is always recommended consulting with legal professionals and refer to the current UCC guidelines and relevant regulations for accurate and up-to-date information.