Wake North Carolina UCC1 Financing Statement

• Category: North Carolina Contracts - Uniform Commercial Code
• State: North Carolina
• County: Wake
• Control #: NC-UCC1
• Format: PDF

Description

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. A Wake North Carolina UCC1 Financing Statement is a legal document that plays a critical role in securing lending transactions and protecting creditors' rights. It serves as a public notice, primarily used in the state of North Carolina, to establish a creditor's claim on personal property in case of default by a debtor. UCC1 refers to the Uniform Commercial Code — Article 1, which provides uniform laws governing commercial transactions across the United States. The Wake North Carolina UCC1 Financing Statement includes crucial information such as the debtor's and creditor's names and addresses, a description of the collateral being used to secure the loan, and any additional terms or conditions. Filing this statement with the North Carolina Secretary of State's office allows the creditor to establish priority over other creditors in case of bankruptcy or other legal actions. There are different types of Wake North Carolina UCC1 Financing Statements, each serving specific purposes: 1. Original Financing Statement: This is the most common type and is used to establish a creditor's priority when lending money or extending credit to a debtor against their personal property. 2. Amended Financing Statement: This type is used when making changes to an original financing statement, such as updating debtor or creditor information, modifying collateral descriptions, or extending the filing period. 3. Continuation Financing Statement: A continuation statement is filed when the original UCC1 financing statement is about to expire, typically after five years. Filing a continuation statement extends the validity of the original filing for an additional period, ensuring the creditor's priority remains intact. 4. Assignment Financing Statement: This type is used when a creditor assigns or transfers its interest in a secured transaction to another party. By filing an assignment statement, the new creditor assumes the original creditor's rights and priority. It is important to note that Wake North Carolina UCC1 Financing Statements are governed by specific laws and regulations, ensuring accuracy and consistency in the filing process. Creditors must adhere to these requirements to effectively secure their position and protect their interests in lending transactions. In summary, a Wake North Carolina UCC1 Financing Statement is a legal document used to establish a creditor's claim on personal property of a debtor. By filing this statement, creditors protect their rights and establish priority over other creditors. The different types include the original financing statement, amended financing statement, continuation financing statement, and assignment financing statement. Adhering to the guidelines and regulations ensures the proper filing and effective protection of creditors' interests.

A Wake North Carolina UCC1 Financing Statement is a legal document that plays a critical role in securing lending transactions and protecting creditors' rights. It serves as a public notice, primarily used in the state of North Carolina, to establish a creditor's claim on personal property in case of default by a debtor. UCC1 refers to the Uniform Commercial Code — Article 1, which provides uniform laws governing commercial transactions across the United States. The Wake North Carolina UCC1 Financing Statement includes crucial information such as the debtor's and creditor's names and addresses, a description of the collateral being used to secure the loan, and any additional terms or conditions. Filing this statement with the North Carolina Secretary of State's office allows the creditor to establish priority over other creditors in case of bankruptcy or other legal actions. There are different types of Wake North Carolina UCC1 Financing Statements, each serving specific purposes: 1. Original Financing Statement: This is the most common type and is used to establish a creditor's priority when lending money or extending credit to a debtor against their personal property. 2. Amended Financing Statement: This type is used when making changes to an original financing statement, such as updating debtor or creditor information, modifying collateral descriptions, or extending the filing period. 3. Continuation Financing Statement: A continuation statement is filed when the original UCC1 financing statement is about to expire, typically after five years. Filing a continuation statement extends the validity of the original filing for an additional period, ensuring the creditor's priority remains intact. 4. Assignment Financing Statement: This type is used when a creditor assigns or transfers its interest in a secured transaction to another party. By filing an assignment statement, the new creditor assumes the original creditor's rights and priority. It is important to note that Wake North Carolina UCC1 Financing Statements are governed by specific laws and regulations, ensuring accuracy and consistency in the filing process. Creditors must adhere to these requirements to effectively secure their position and protect their interests in lending transactions. In summary, a Wake North Carolina UCC1 Financing Statement is a legal document used to establish a creditor's claim on personal property of a debtor. By filing this statement, creditors protect their rights and establish priority over other creditors. The different types include the original financing statement, amended financing statement, continuation financing statement, and assignment financing statement. Adhering to the guidelines and regulations ensures the proper filing and effective protection of creditors' interests.