Detroit Michigan UCC1 Financing Statement

• Category: Michigan Contracts - Statewide - Uniform Commercial Code
• State: Michigan
• City: Detroit
• Control #: MI-UCC1
• Format: PDF

Description

UCC1 - Financing Statement - Michigan - 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 Detroit Michigan UCC1 Financing Statement is a legal document that serves as a public notice of a creditor's security interest in personal property or collateral. It is filed with the Michigan Secretary of State's office to establish a creditor's priority claim on the specific assets listed in the statement. The UCC1 Financing Statement is an essential part of the Uniform Commercial Code (UCC), which is a set of regulations governing commercial transactions in the United States. The UCC1 Financing Statement is specifically used to perfect a security interest in personal property, which means it establishes the creditor's right to seize and sell the collateral in case of default by the debtor. The UCC1 Financing Statement includes pertinent information about the parties involved in the transaction. This typically includes the names and addresses of both the debtor and the secured party, who is the creditor in this case. Additionally, it provides a detailed description of the collateral being used to secure the debt. The collateral can range from tangible assets like vehicles, machinery, or inventory, to intangible assets such as patents or copyrights. In Detroit, Michigan, as well as other states across the U.S., there are some variations or additional types of UCC1 Financing Statements that can be filed depending on the circumstances of the transaction. These include: 1. UCC1 Financing Statement Amendment: Filed to modify or update the information included in a previously filed UCC1 Financing Statement. This could be necessary if there are changes in the parties' names, addresses, or changes to the collateral description. 2. UCC1 Financing Statement Continuation: This document is filed to extend the effectiveness of an existing UCC1 Financing Statement beyond its initial five-year period, ensuring that the creditor's security interest remains valid and enforceable. 3. UCC1 Financing Statement Termination: Filed when the debt has been repaid, or the security interest has otherwise been released or no longer valid. This termination statement serves to remove the creditor's claim on the collateral and allows the debtor to regain full ownership and control of the assets. It is important for both creditors and debtors involved in commercial transactions in Detroit, Michigan, or any other jurisdiction, to familiarize themselves with the requirements and procedures related to the Detroit Michigan UCC1 Financing Statement. By understanding the purpose and various types of UCC1 Financing Statements, both parties can protect their interests and ensure legal compliance and proper documentation in their financial transactions.

The Detroit Michigan UCC1 Financing Statement is a legal document that serves as a public notice of a creditor's security interest in personal property or collateral. It is filed with the Michigan Secretary of State's office to establish a creditor's priority claim on the specific assets listed in the statement. The UCC1 Financing Statement is an essential part of the Uniform Commercial Code (UCC), which is a set of regulations governing commercial transactions in the United States. The UCC1 Financing Statement is specifically used to perfect a security interest in personal property, which means it establishes the creditor's right to seize and sell the collateral in case of default by the debtor. The UCC1 Financing Statement includes pertinent information about the parties involved in the transaction. This typically includes the names and addresses of both the debtor and the secured party, who is the creditor in this case. Additionally, it provides a detailed description of the collateral being used to secure the debt. The collateral can range from tangible assets like vehicles, machinery, or inventory, to intangible assets such as patents or copyrights. In Detroit, Michigan, as well as other states across the U.S., there are some variations or additional types of UCC1 Financing Statements that can be filed depending on the circumstances of the transaction. These include: 1. UCC1 Financing Statement Amendment: Filed to modify or update the information included in a previously filed UCC1 Financing Statement. This could be necessary if there are changes in the parties' names, addresses, or changes to the collateral description. 2. UCC1 Financing Statement Continuation: This document is filed to extend the effectiveness of an existing UCC1 Financing Statement beyond its initial five-year period, ensuring that the creditor's security interest remains valid and enforceable. 3. UCC1 Financing Statement Termination: Filed when the debt has been repaid, or the security interest has otherwise been released or no longer valid. This termination statement serves to remove the creditor's claim on the collateral and allows the debtor to regain full ownership and control of the assets. It is important for both creditors and debtors involved in commercial transactions in Detroit, Michigan, or any other jurisdiction, to familiarize themselves with the requirements and procedures related to the Detroit Michigan UCC1 Financing Statement. By understanding the purpose and various types of UCC1 Financing Statements, both parties can protect their interests and ensure legal compliance and proper documentation in their financial transactions.