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 Phoenix Arizona UCC1 Financing Statement is a legal document that serves as a notice to lenders and other interested parties about a particular debtor's interest in a financed asset or collateral. It is an essential part of the Uniform Commercial Code (UCC) regulations that are adopted by most states across the United States, including Arizona. The UCC1 Financing Statement in Phoenix Arizona is primarily used to create a public record of a security interest in personal property. This statement provides key information about the debtor, secured party, and the collateral involved, offering potential lenders or buyers an opportunity to assess the risk of entering into any transactions with the debtor. The purpose of this document is to establish priority rights of secured parties in instances where multiple parties claim an interest in the same asset. By filing a UCC1 Financing Statement in Phoenix Arizona, a secured party asserts their legal claim to the collateral, allowing them to recover their investment if the debtor fails to fulfill their obligations. There are a few different types of UCC1 Financing Statements that fall under the Phoenix Arizona jurisdiction, depending on the specific transaction or scenario. Some common types include: 1. Initial Financing Statement: This type of statement is filed to establish a new security interest in a specific collateral for the first time. It provides a comprehensive overview of the transaction, listing the debtor, secured party, collateral description, and other relevant details. 2. Amendment Financing Statement: If there are changes to the original UCC1 Financing Statement, such as modifications to debtor information, collateral description, or additions of new collateral, an amendment statement is filed to update the previous filing. 3. Continuation Financing Statement: A continuation statement is filed when the initial financing statement is about to reach its expiration period. This document extends the validity of the original filing, ensuring that the secured party retains their priority rights. 4. Termination Financing Statement: When the debt is fully paid off, the collateral is sold, or the security interest is otherwise released, a termination statement is filed to remove the UCC1 Financing Statement from public records, indicating that the claim is no longer valid. In summary, the Phoenix Arizona UCC1 Financing Statement is a crucial legal document that allows lenders and other interested parties to verify a debtor's interest in a specific collateral. By providing detailed information about the parties involved and the collateral itself, this statement ensures transparency, establishes priorities, and protects the rights of secured parties. Various types of financing statements, such as initial, amendment, continuation, and termination statements, serve different purposes within the overall UCC framework.
