Washington 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 Washington Financing Statement is a legal document used to record a security interest in collateral given by a debtor to a secured party for a loan or credit transaction. This statement is filed with the Washington Secretary of State's office to establish the priority of the secured party's claim on the collateral in case of default or bankruptcy. The Washington Financing Statement is governed by the Uniform Commercial Code (UCC), specifically Article 9, which regulates secured transactions. The UCC provides a standardized approach to recording and enforcing security interests across different states in the U.S. When filing a Washington Financing Statement, certain information is required. This includes the names and addresses of both the debtor and secured party, a detailed description of the collateral being used as security, the date of the transaction, and any additional terms or conditions related to the loan arrangement. The collateral description provided in a Washington Financing Statement must be specific and detailed enough to clearly identify the assets involved. It is important for both the debtor and secured party to accurately describe the collateral to avoid any potential disputes or issues in the future. It is worth knowing that there are different types of Washington Financing Statements that may be used depending on the nature of the transaction. One common type is the UCC-1 form, which is submitted for most general secured transactions. However, there are also specific forms for other types of transactions, such as agricultural liens (UCC-1Ad), fixtures (UCC-1F), and more. It is crucial for both debtors and secured parties to be well-informed about the Washington Financing Statement process and requirements. Filing a financing statement protects the secured party's interests and establishes their priority in the event of a default or bankruptcy situation. Debtors must carefully review the statement to ensure accurate representation of collateral and avoid potential legal complications. By following the guidelines provided by the Washington Secretary of State's office, debtors and secured parties can navigate the Washington Financing Statement process effectively, protecting their rights and interests while conducting secured transactions.

A Washington Financing Statement is a legal document used to record a security interest in collateral given by a debtor to a secured party for a loan or credit transaction. This statement is filed with the Washington Secretary of State's office to establish the priority of the secured party's claim on the collateral in case of default or bankruptcy. The Washington Financing Statement is governed by the Uniform Commercial Code (UCC), specifically Article 9, which regulates secured transactions. The UCC provides a standardized approach to recording and enforcing security interests across different states in the U.S. When filing a Washington Financing Statement, certain information is required. This includes the names and addresses of both the debtor and secured party, a detailed description of the collateral being used as security, the date of the transaction, and any additional terms or conditions related to the loan arrangement. The collateral description provided in a Washington Financing Statement must be specific and detailed enough to clearly identify the assets involved. It is important for both the debtor and secured party to accurately describe the collateral to avoid any potential disputes or issues in the future. It is worth knowing that there are different types of Washington Financing Statements that may be used depending on the nature of the transaction. One common type is the UCC-1 form, which is submitted for most general secured transactions. However, there are also specific forms for other types of transactions, such as agricultural liens (UCC-1Ad), fixtures (UCC-1F), and more. It is crucial for both debtors and secured parties to be well-informed about the Washington Financing Statement process and requirements. Filing a financing statement protects the secured party's interests and establishes their priority in the event of a default or bankruptcy situation. Debtors must carefully review the statement to ensure accurate representation of collateral and avoid potential legal complications. By following the guidelines provided by the Washington Secretary of State's office, debtors and secured parties can navigate the Washington Financing Statement process effectively, protecting their rights and interests while conducting secured transactions.