Washington Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan

• Category: Loans and Lending
• State: Multi-State
• Control #: US-1177BG
• Format: Word; Rich Text

Description

A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property. The Washington Exhibit to UCC-1 Financing Statement, specifically related to a Fixture Filing for a Commercial Loan, is an essential document used in secured transactions. This exhibit provides crucial details regarding fixtures, which are items of personal property that have become permanently affixed to real property. For commercial loans, this exhibit plays a significant role in establishing the priority of a creditor's security interest in fixtures compared to other parties with potential claims on the same property. It ensures that the lender's interest in the fixtures will be recognized and protected in the event of default or bankruptcy by the borrower. In Washington State, there are two main types of Exhibit to UCC-1 Financing Statement regarding Fixture Filings for Commercial Loans: 1. Washington Exhibit to UCC-1 Financing Statement — Fixture Filing: This type of exhibit provides specific information regarding the fixtures being financed, such as their descriptions, locations, and value. It includes the names and addresses of both the debtor (borrower) and secured party (lender) and describes the nature of the security interest being claimed. This exhibit should also reference the original UCC-1 Financing Statement filing number. 2. Amendment to Washington Exhibit to UCC-1 Financing Statement — Fixture Filing: In situations where there are changes or corrections required for an existing fixture filing, this type of exhibit is used to modify the original submission. It allows the secured party to update any errors, update collateral descriptions, or expand the scope of the original filing. The amendment should reference the original UCC-1 Financing Statement filing number and clearly state the changes being made. To ensure the effectiveness of a Washington Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan, it is crucial to provide accurate and detailed information. This includes the proper identification and description of the fixtures, along with their precise location. Lenders should also ensure their filings are made in a timely manner to establish priority over other potential competing claims. Overall, the Washington Exhibit to UCC-1 Financing Statement concerning a Fixture Filing for a Commercial Loan safeguards the lender's security interest in providing public notice of their claim on the fixtures. It helps establish the lender's priority in the event of default or bankruptcy, ensuring their ability to recover the outstanding debt through the foreclosure and sale of these fixtures if necessary.

The Washington Exhibit to UCC-1 Financing Statement, specifically related to a Fixture Filing for a Commercial Loan, is an essential document used in secured transactions. This exhibit provides crucial details regarding fixtures, which are items of personal property that have become permanently affixed to real property. For commercial loans, this exhibit plays a significant role in establishing the priority of a creditor's security interest in fixtures compared to other parties with potential claims on the same property. It ensures that the lender's interest in the fixtures will be recognized and protected in the event of default or bankruptcy by the borrower. In Washington State, there are two main types of Exhibit to UCC-1 Financing Statement regarding Fixture Filings for Commercial Loans: 1. Washington Exhibit to UCC-1 Financing Statement — Fixture Filing: This type of exhibit provides specific information regarding the fixtures being financed, such as their descriptions, locations, and value. It includes the names and addresses of both the debtor (borrower) and secured party (lender) and describes the nature of the security interest being claimed. This exhibit should also reference the original UCC-1 Financing Statement filing number. 2. Amendment to Washington Exhibit to UCC-1 Financing Statement — Fixture Filing: In situations where there are changes or corrections required for an existing fixture filing, this type of exhibit is used to modify the original submission. It allows the secured party to update any errors, update collateral descriptions, or expand the scope of the original filing. The amendment should reference the original UCC-1 Financing Statement filing number and clearly state the changes being made. To ensure the effectiveness of a Washington Exhibit to UCC-1 Financing Statement regarding a Fixture Filing for a Commercial Loan, it is crucial to provide accurate and detailed information. This includes the proper identification and description of the fixtures, along with their precise location. Lenders should also ensure their filings are made in a timely manner to establish priority over other potential competing claims. Overall, the Washington Exhibit to UCC-1 Financing Statement concerning a Fixture Filing for a Commercial Loan safeguards the lender's security interest in providing public notice of their claim on the fixtures. It helps establish the lender's priority in the event of default or bankruptcy, ensuring their ability to recover the outstanding debt through the foreclosure and sale of these fixtures if necessary.