UCC1 - Financing Statement - Arizona - For use after July 1, 2001. This form is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws.
The Gilbert Arizona UCC1 Financing Statement is a legal document that serves as a public notice of a creditor's security interest in personal property. This statement is governed by the Uniform Commercial Code (UCC) and is filed with the Arizona Secretary of State's office. The purpose of the UCC1 Financing Statement is to establish priority among creditors, provide notice to other potential creditors, and protect the rights of parties involved in commercial transactions. Keywords: Gilbert Arizona, UCC1 Financing Statement, legal document, public notice, creditor's security interest, personal property, Uniform Commercial Code, filed, Arizona Secretary of State's office, priority, notice, potential creditors, commercial transactions. In the state of Arizona, there are different types of UCC1 Financing Statements, each serving a specific purpose: 1. Initial Financing Statement: This type of UCC1 Financing Statement is filed when a creditor wants to establish their security interest in personal property for the first time. It includes essential information such as the debtor's name and address, the creditor's name and address, a description of the collateral, and any other pertinent information. 2. Amendment to Financing Statement: If there are any changes to the original UCC1 Financing Statement, such as a new debtor or collateral addition, an amendment is filed to update the information. This ensures accuracy and maintains the legal validity of the statement. 3. Continuation Statement: A continuation statement is filed to extend the validity of the original UCC1 Financing Statement. It is typically filed within six months before the statement's expiration date to maintain the creditor's priority over any subsequent creditors. 4. Termination Statement: When a debt has been fully paid or the security interest is no longer valid, a termination statement is filed to remove the UCC1 Financing Statement from public record. It provides notice that the creditor no longer claims a security interest in the specific collateral. By filing the appropriate type of Gilbert Arizona UCC1 Financing Statement, creditors can protect their interests and ensure priority in case of default or competing claims. It is essential for creditors and debtors alike to understand and comply with the UCC regulations to navigate the intricacies of secured transactions effectively.
