Rockford Illinois UCC1 Financing Statement

• Category: Illinois Contracts - Statewide - Uniform Commercial Code
• State: Illinois
• City: Rockford
• Control #: IL-UCC1
• Format: Word; PDF; Rich Text

Description

UCC1 - Financing Statement - Illinois - 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. Rockford Illinois UCC1 Financing Statement is a legal document used in the state of Illinois to secure a creditor's interest in a debtor's personal property. The UCC1 Financing Statement is filed with the Secretary of State's office, providing notice to other potential creditors or interested parties that the creditor has a security interest in the debtor's assets. The UCC1 Financing Statement in Rockford, Illinois is governed by the Uniform Commercial Code (UCC) Article 9, which sets out the rules and regulations for securing personal property. This statement is a crucial step in securing a creditor's priority in the debtor's assets and is often required when engaging in transactions involving loans, lease agreements, or sales of valuable goods. Keywords: Rockford Illinois UCC1 Financing Statement, legal document, creditor, debtor, personal property, Secretary of State's office, notice, security interest, assets, Uniform Commercial Code, UCC, Article 9, transactions, loans, lease agreements, sales, valuable goods. Different types of Rockford Illinois UCC1 Financing Statements: 1. Initial Financing Statement: This type of statement is filed when a creditor first establishes a security interest in the debtor's personal property. It includes details such as the debtor's name, address, and the description of the collateral being pledged as security. 2. Amendment Financing Statement: An amendment financing statement is filed to make changes or updates to the initial financing statement. This could include modifications to the secured party's information, correcting errors, or adding additional collateral to the existing security interest. 3. Continuation Financing Statement: A continuation financing statement is filed before the expiration of the original financing statement to extend its effectiveness. As the initial financing statement has a limited duration, usually five years, the creditor files a continuation statement to maintain their priority over other creditors. 4. Termination Financing Statement: When a debt is paid off, or the security interest is no longer valid, a termination financing statement is filed to release the creditor's claim on the debtor's property. This statement ensures that the debtor's property is no longer encumbered, and other creditors are aware of the change in the status of the security interest. In summary, the Rockford Illinois UCC1 Financing Statement is a crucial legal document used to secure a creditor's interest in a debtor's personal property. It plays a vital role in maintaining transparency and protecting the rights of creditors and debtors in various financial transactions. Keywords: Rockford Illinois, UCC1 Financing Statement, legal document, creditor, debtor, personal property, Secretary of State's office, notice, security interest, assets, Uniform Commercial Code, UCC, Article 9, transactions, loans, lease agreements, sales, valuable goods, initial financing statement, amendment financing statement, continuation financing statement, termination financing statement.

Rockford Illinois UCC1 Financing Statement is a legal document used in the state of Illinois to secure a creditor's interest in a debtor's personal property. The UCC1 Financing Statement is filed with the Secretary of State's office, providing notice to other potential creditors or interested parties that the creditor has a security interest in the debtor's assets. The UCC1 Financing Statement in Rockford, Illinois is governed by the Uniform Commercial Code (UCC) Article 9, which sets out the rules and regulations for securing personal property. This statement is a crucial step in securing a creditor's priority in the debtor's assets and is often required when engaging in transactions involving loans, lease agreements, or sales of valuable goods. Keywords: Rockford Illinois UCC1 Financing Statement, legal document, creditor, debtor, personal property, Secretary of State's office, notice, security interest, assets, Uniform Commercial Code, UCC, Article 9, transactions, loans, lease agreements, sales, valuable goods. Different types of Rockford Illinois UCC1 Financing Statements: 1. Initial Financing Statement: This type of statement is filed when a creditor first establishes a security interest in the debtor's personal property. It includes details such as the debtor's name, address, and the description of the collateral being pledged as security. 2. Amendment Financing Statement: An amendment financing statement is filed to make changes or updates to the initial financing statement. This could include modifications to the secured party's information, correcting errors, or adding additional collateral to the existing security interest. 3. Continuation Financing Statement: A continuation financing statement is filed before the expiration of the original financing statement to extend its effectiveness. As the initial financing statement has a limited duration, usually five years, the creditor files a continuation statement to maintain their priority over other creditors. 4. Termination Financing Statement: When a debt is paid off, or the security interest is no longer valid, a termination financing statement is filed to release the creditor's claim on the debtor's property. This statement ensures that the debtor's property is no longer encumbered, and other creditors are aware of the change in the status of the security interest. In summary, the Rockford Illinois UCC1 Financing Statement is a crucial legal document used to secure a creditor's interest in a debtor's personal property. It plays a vital role in maintaining transparency and protecting the rights of creditors and debtors in various financial transactions. Keywords: Rockford Illinois, UCC1 Financing Statement, legal document, creditor, debtor, personal property, Secretary of State's office, notice, security interest, assets, Uniform Commercial Code, UCC, Article 9, transactions, loans, lease agreements, sales, valuable goods, initial financing statement, amendment financing statement, continuation financing statement, termination financing statement.