This form is a Uniform Commercial Code Financing Statement for your state. This form is filed with the proper authority to perfect a lien on personal property representing security for a loan, usually a purchase money loan.
The UCC1 Financing Statement is an important legal document used in Springfield, Missouri and other states to establish a creditor's priority in collateral assets. When a secured loan is made, this statement is filed with the Missouri Secretary of State's office to provide public notice of the lender's interest in the collateral. By doing so, it ensures that the lender has a legal claim to the assets in case the borrower defaults on their payment obligations. Regarding the types of UCC1 Financing Statements in Springfield, Missouri, there are a few variations: 1. General UCC1 Financing Statement: This standard form is used when a creditor has a security interest in the borrower's personal property, including assets such as inventory, equipment, accounts receivable, and even intangible assets like patents or copyrights. Filing this statement provides a comprehensive notice of the lender's interest in a broad range of collateral. 2. Specific UCC1 Financing Statement: Sometimes, a lender may only have a security interest in a specific asset rather than the borrower's entire inventory. In such cases, a specific UCC1 Financing Statement is filed to establish the lender's claim on that particular collateral. This document clearly identifies the asset and highlights the lender's interest in it. 3. Amended UCC1 Financing Statement: If any changes occur related to the original UCC1 Financing Statement, such as a change in the collateral description, a modification to the security agreement, or the lender's information, an amended statement must be filed. This document updates and corrects the original filing to maintain accurate and current information. 4. Continuation UCC1 Financing Statement: When the initial UCC1 Financing Statement's effectiveness is about to expire, the lender may file a continuation statement to extend its duration. The continuation statement needs to be filed within six months before the original filing's expiration date to ensure the lender's security interest remains valid and enforceable. In Springfield, Missouri, it is crucial for lenders to understand the different types of UCC1 Financing Statements and file the appropriate one based on their specific lending arrangements. These statements play a vital role in protecting the interests of both creditors and debtors by establishing clear rules and priorities for securing collateral assets.The UCC1 Financing Statement is an important legal document used in Springfield, Missouri and other states to establish a creditor's priority in collateral assets. When a secured loan is made, this statement is filed with the Missouri Secretary of State's office to provide public notice of the lender's interest in the collateral. By doing so, it ensures that the lender has a legal claim to the assets in case the borrower defaults on their payment obligations. Regarding the types of UCC1 Financing Statements in Springfield, Missouri, there are a few variations: 1. General UCC1 Financing Statement: This standard form is used when a creditor has a security interest in the borrower's personal property, including assets such as inventory, equipment, accounts receivable, and even intangible assets like patents or copyrights. Filing this statement provides a comprehensive notice of the lender's interest in a broad range of collateral. 2. Specific UCC1 Financing Statement: Sometimes, a lender may only have a security interest in a specific asset rather than the borrower's entire inventory. In such cases, a specific UCC1 Financing Statement is filed to establish the lender's claim on that particular collateral. This document clearly identifies the asset and highlights the lender's interest in it. 3. Amended UCC1 Financing Statement: If any changes occur related to the original UCC1 Financing Statement, such as a change in the collateral description, a modification to the security agreement, or the lender's information, an amended statement must be filed. This document updates and corrects the original filing to maintain accurate and current information. 4. Continuation UCC1 Financing Statement: When the initial UCC1 Financing Statement's effectiveness is about to expire, the lender may file a continuation statement to extend its duration. The continuation statement needs to be filed within six months before the original filing's expiration date to ensure the lender's security interest remains valid and enforceable. In Springfield, Missouri, it is crucial for lenders to understand the different types of UCC1 Financing Statements and file the appropriate one based on their specific lending arrangements. These statements play a vital role in protecting the interests of both creditors and debtors by establishing clear rules and priorities for securing collateral assets.
