Financing Statement for Real Estate and UCC Filing is used as a dual purpose form for recording in real estate records and filing under the UCC provisions with the North Dakota filing office.
Fargo North Dakota UCC Financing Statement for Real Estate and UCC Filing: In Fargo, North Dakota, the UCC (Uniform Commercial Code) Financing Statement for Real Estate plays a significant role in securing loans and protecting interests in real estate transactions. This legal document is crucial for lenders and borrowers, as it ensures transparency and provides a framework to establish priority rights over other creditors. A UCC Financing Statement for Real Estate essentially acts as a public notice, indicating that a lender has a secured interest in a particular property. By filing this statement with the North Dakota Secretary of State's office, parties involved provide a tangible record of their claim, protecting themselves from potential disputes or complications in the future. The UCC Financing Statement includes key elements such as the names and addresses of both the debtor (borrower) and secured party (lender), information about the collateral involved (the real estate property), and any additional terms or conditions agreed upon. This statement serves as evidence of the security interest in the property, allowing lenders to claim it if the borrower fails to meet the agreed-upon obligations. In addition to the standard UCC Financing Statement for Real Estate, there are a few other types one may encounter in Fargo, North Dakota: 1. UCC Financing Statement Amendment: This document is filed to modify or update an existing UCC Financing Statement. It could involve changes to the secured party's information, debtor's name or address, or any other relevant details. Amendments ensure the accuracy and validity of the initial statement. 2. UCC Financing Statement Partial Release: Sometimes, a borrower may have paid off a portion of a loan secured by a property. In such cases, a partial release can be filed to release the lien on the specific portion of the property that has been fully paid for, while the remaining collateral remains secured. 3. UCC Financing Statement Termination: When a loan is fully repaid or the secured interest is no longer applicable, a termination statement is filed to release the lender's claim on the property. This document serves as proof that the debt has been satisfied and removes the lien from the property. Ensuring proper filing of UCC Financing Statements for Real Estate and its associated types is critical for parties involved in real estate transactions in Fargo, North Dakota. It protects lenders, borrowers, and other interested parties, providing a transparent record of ownership and financial obligations. It is advisable to consult legal professionals experienced in UCC filings to ensure compliance with state laws and regulations and to protect one's interests effectively.
