Oakland Michigan UCC1 Financing Statement

• Category: Michigan Contracts - Statewide - Uniform Commercial Code
• State: Michigan
• County: Oakland
• 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 Oakland Michigan UCC1 Financing Statement is a legal document that serves as a notice to secure the interest of a creditor in a debtor's personal property. Filed under the Uniform Commercial Code (UCC), this statement is essential for parties involved in financial transactions, such as lenders, buyers, or lessors, to protect their rights and claim priority on collateral in case of default or insolvency. The UCC1 Financing Statement comprises several crucial details, including the name and address of both the debtor and the secured party, a description of the collateral in full detail, and any additional terms or conditions agreed upon. The purpose of this filing is to establish a public record that provides notice to other potential lenders or buyers about the existing security interest. There are various types of Oakland Michigan UCC1 Financing Statements. They can include: 1. Traditional UCC1 Financing Statement: This is the most common type filed to secure a creditor's interest in personal property or assets. 2. Fixture Filing: In cases where a debtor's property is attached or “fixed” to a particular location, such as equipment in a building or a trade fixture, a fixture filing can be submitted to assert the creditor's claim on these attached assets. This filing ensures that the rights of the secured party are preserved even if the property is sold or transferred to another party. 3. PSI (Purchase Money Security Interest) Filing: This type of UCC1 Financing Statement occurs when a seller provides financing to a buyer for the purchase of specific collateral. By filing a PSI Financing Statement, the seller establishes a priority claim on the collateral if the buyer defaults on their payment obligations. 4. Amended UCC1 Financing Statement: If there is a need to modify or correct any information previously filed in a UCC1 Financing Statement, the party can file an amended statement to reflect the changes accurately. An amended filing ensures that the public record is up to date and eliminates any confusion regarding the creditor's claim. It is important to note that while the Oakland County Clerk's Office handles UCC1 Financing Statement filings, the filings themselves apply to the entire state of Michigan, not just Oakland County.

The Oakland Michigan UCC1 Financing Statement is a legal document that serves as a notice to secure the interest of a creditor in a debtor's personal property. Filed under the Uniform Commercial Code (UCC), this statement is essential for parties involved in financial transactions, such as lenders, buyers, or lessors, to protect their rights and claim priority on collateral in case of default or insolvency. The UCC1 Financing Statement comprises several crucial details, including the name and address of both the debtor and the secured party, a description of the collateral in full detail, and any additional terms or conditions agreed upon. The purpose of this filing is to establish a public record that provides notice to other potential lenders or buyers about the existing security interest. There are various types of Oakland Michigan UCC1 Financing Statements. They can include: 1. Traditional UCC1 Financing Statement: This is the most common type filed to secure a creditor's interest in personal property or assets. 2. Fixture Filing: In cases where a debtor's property is attached or “fixed” to a particular location, such as equipment in a building or a trade fixture, a fixture filing can be submitted to assert the creditor's claim on these attached assets. This filing ensures that the rights of the secured party are preserved even if the property is sold or transferred to another party. 3. PSI (Purchase Money Security Interest) Filing: This type of UCC1 Financing Statement occurs when a seller provides financing to a buyer for the purchase of specific collateral. By filing a PSI Financing Statement, the seller establishes a priority claim on the collateral if the buyer defaults on their payment obligations. 4. Amended UCC1 Financing Statement: If there is a need to modify or correct any information previously filed in a UCC1 Financing Statement, the party can file an amended statement to reflect the changes accurately. An amended filing ensures that the public record is up to date and eliminates any confusion regarding the creditor's claim. It is important to note that while the Oakland County Clerk's Office handles UCC1 Financing Statement filings, the filings themselves apply to the entire state of Michigan, not just Oakland County.