UCC1 - Financing Statement - Georgia - 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.
A UCC1 Financing Statement is a crucial legal document filed under the Uniform Commercial Code (UCC) that signifies a creditor's security interest in a debtor's personal property. In the context of Sandy Springs, Georgia, this statement is filed at the state level to record and protect the interests of lenders or creditors who are engaging in various types of secured transactions within the city. Sandy Springs, Georgia UCC1 Financing Statement primarily serves to establish a public record of any given creditor's legal claim or lien on the debtor's personal property, such as assets, inventory, equipment, accounts receivable, or even intellectual property. By filing this statement, a creditor informs other potential creditors about their existing interest, enabling them to evaluate the debtor's financial obligations efficiently before extending credit or entering into any transactions. Different variants of Sandy Springs, Georgia UCC1 Financing Statement include: 1. Original Financing Statement: This is the initial filing made by a creditor to establish their priority claim on the debtor's personal property. It provides essential details about both the debtor and the creditor, such as legal names and addresses, along with a description of the collateral being used to secure the debt. 2. Amendment Financing Statement: In case there are changes to the original financing statement, such as correcting errors, adding or removing collateral, or modifying parties, an amendment filing is made. This enables the creditor to update and maintain the accuracy of the public record. 3. Termination Financing Statement: Once the debt obligation is fulfilled, or if the collateral securing the debt is sold or no longer exists, a termination filing is made. This effectively releases the creditor's claim on the debtor's personal property and ensures that the public record accurately reflects the updated status. 4. Continuation Financing Statement: The UCC1 Financing Statement has a fixed duration, typically lasting for five years. To prevent the statement from lapsing or becoming ineffective, a continuation filing may be made by the creditor before the expiration date. This extends the filing's validity and retains the creditor's priority status over other potential creditors. It is important for both creditors and debtors in Sandy Springs, Georgia, to understand the significance and implications of UCC1 Financing Statements. Creditors can protect their interests by filing the appropriate statements accurately and promptly, while debtors can remain informed about the potential claims against their personal property.
