UCC1 - Financing Statement - North Carolina - 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.
Raleigh North Carolina UCC1 Financing Statement refers to a legal document used in the state of North Carolina to secure a creditor's interest in personal property when they have given a loan or extended credit to a debtor. This document is widely used to protect the creditor's rights against other parties who may claim an interest in the same collateral. The UCC1 Financing Statement in Raleigh, North Carolina is governed by the Uniform Commercial Code (UCC) which provides a framework for commercial transactions. It is essential for both lenders and debtors to understand the requirements and significance of this statement. Key components of a UCC1 Financing Statement in Raleigh, North Carolina include: 1. Debtor Information: The statement includes the name, address, and sometimes the social security number or federal identification number of the debtor. This information helps to identify the individual or entity obligated to the creditor. 2. Secured Party Information: This section includes the name and address of the creditor or secured party. It is important to accurately provide this information as it denotes who holds the security interest. 3. Collateral Description: A detailed description of the collateral is required. This can include assets such as inventory, equipment, accounts receivable, or other personal property offered as security for the loan. 4. Filing Location: The UCC1 Financing Statement must be submitted to the appropriate filing office where it becomes a matter of public record. In Raleigh, North Carolina, the filing is usually done with the Secretary of State or the local county recorder's office. Different types of UCC1 Financing Statements that can be filed in Raleigh, North Carolina: 1. UCC1 Initial Financing Statement: This is the most common type of financing statement, used when a creditor is initially establishing their security interest in the debtor's collateral. 2. UCC1 Amendment: This statement is filed to make changes or corrections to the original financing statement. The amendments may include modifications to debtor information, collateral description, or secured party details. 3. UCC1 Termination: When a loan is paid off or the debt is satisfied, the creditor may file a termination statement. This document removes the financing statement from public record, effectively releasing the secured party's interest in the collateral. In summary, a Raleigh North Carolina UCC1 Financing Statement is a crucial legal document used to protect the rights of creditors when extending credit to debtors. It provides detailed information about the debtor, secured party, collateral, and filing location. By understanding the different types of UCC1 Financing Statements, lenders and debtors can ensure compliance and protect their respective interests.
Raleigh North Carolina UCC1 Financing Statement refers to a legal document used in the state of North Carolina to secure a creditor's interest in personal property when they have given a loan or extended credit to a debtor. This document is widely used to protect the creditor's rights against other parties who may claim an interest in the same collateral. The UCC1 Financing Statement in Raleigh, North Carolina is governed by the Uniform Commercial Code (UCC) which provides a framework for commercial transactions. It is essential for both lenders and debtors to understand the requirements and significance of this statement. Key components of a UCC1 Financing Statement in Raleigh, North Carolina include: 1. Debtor Information: The statement includes the name, address, and sometimes the social security number or federal identification number of the debtor. This information helps to identify the individual or entity obligated to the creditor. 2. Secured Party Information: This section includes the name and address of the creditor or secured party. It is important to accurately provide this information as it denotes who holds the security interest. 3. Collateral Description: A detailed description of the collateral is required. This can include assets such as inventory, equipment, accounts receivable, or other personal property offered as security for the loan. 4. Filing Location: The UCC1 Financing Statement must be submitted to the appropriate filing office where it becomes a matter of public record. In Raleigh, North Carolina, the filing is usually done with the Secretary of State or the local county recorder's office. Different types of UCC1 Financing Statements that can be filed in Raleigh, North Carolina: 1. UCC1 Initial Financing Statement: This is the most common type of financing statement, used when a creditor is initially establishing their security interest in the debtor's collateral. 2. UCC1 Amendment: This statement is filed to make changes or corrections to the original financing statement. The amendments may include modifications to debtor information, collateral description, or secured party details. 3. UCC1 Termination: When a loan is paid off or the debt is satisfied, the creditor may file a termination statement. This document removes the financing statement from public record, effectively releasing the secured party's interest in the collateral. In summary, a Raleigh North Carolina UCC1 Financing Statement is a crucial legal document used to protect the rights of creditors when extending credit to debtors. It provides detailed information about the debtor, secured party, collateral, and filing location. By understanding the different types of UCC1 Financing Statements, lenders and debtors can ensure compliance and protect their respective interests.