Queens New York UCC1 Financing Statement

• Category: New York Secretary of State - Uniform Commercial Code
• State: New York
• County: Queens
• Control #: NY-UCC1
• Format: Word; PDF; Rich Text

Description

UCC1 - Financing Statement - New York - 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. Queens New York UCC1 Financing Statement is a legal document that is used to create a security interest in personal property as collateral for a loan or other financial obligation in Queens, New York. The UCC1 Financing Statement is governed by Article 9 of the Uniform Commercial Code (UCC), which sets forth the rules and regulations regarding secured transactions and the creation, attachment, and perfection of security interests. The purpose of filing a Queens New York UCC1 Financing Statement is to provide notice to potential creditors about the existence of a security interest in the collateral. By filing this statement with the appropriate government agency, typically the County Clerk or Secretary of State's office, the lender establishes priority over other creditors in the event of default or bankruptcy proceedings. There are different types of Queens New York UCC1 Financing Statements that can be filed, depending on the specifics of the transaction. Some of these types include: 1. Individual Debtor: This type of filing is used when an individual is obtaining a loan or financing and is using personal property, such as a vehicle or equipment, as collateral. 2. Business Debtor: When a business entity, such as a corporation, partnership, or limited liability company (LLC), is borrowing money and using its assets as collateral, a Business Debtor UCC1 Financing Statement is filed. 3. Fixture Filing: If the collateral being used to secure the debt is a fixture or item attached to real property, such as machinery or equipment, a Fixture Filing UCC1 Financing Statement is required to be filed. 4. Amended Financing Statement: This type of filing is used to make changes or corrections to a previously filed UCC1 Financing Statement, such as updating debtor information, adding or removing collateral, or extending the expiration date. It is crucial to file the correct type of Queens New York UCC1 Financing Statement to ensure proper documentation and compliance with the UCC requirements. Failure to file or filing an incorrect statement can result in the loss of priority status in the event of default or bankruptcy. In conclusion, Queens New York UCC1 Financing Statement is a legal document used to establish a security interest in personal property as collateral for a loan or financial transaction. Understanding the different types of UCC1 filings relevant to Queens, New York is essential to ensure accurate and effective documentation in securing creditors' interests.

Queens New York UCC1 Financing Statement is a legal document that is used to create a security interest in personal property as collateral for a loan or other financial obligation in Queens, New York. The UCC1 Financing Statement is governed by Article 9 of the Uniform Commercial Code (UCC), which sets forth the rules and regulations regarding secured transactions and the creation, attachment, and perfection of security interests. The purpose of filing a Queens New York UCC1 Financing Statement is to provide notice to potential creditors about the existence of a security interest in the collateral. By filing this statement with the appropriate government agency, typically the County Clerk or Secretary of State's office, the lender establishes priority over other creditors in the event of default or bankruptcy proceedings. There are different types of Queens New York UCC1 Financing Statements that can be filed, depending on the specifics of the transaction. Some of these types include: 1. Individual Debtor: This type of filing is used when an individual is obtaining a loan or financing and is using personal property, such as a vehicle or equipment, as collateral. 2. Business Debtor: When a business entity, such as a corporation, partnership, or limited liability company (LLC), is borrowing money and using its assets as collateral, a Business Debtor UCC1 Financing Statement is filed. 3. Fixture Filing: If the collateral being used to secure the debt is a fixture or item attached to real property, such as machinery or equipment, a Fixture Filing UCC1 Financing Statement is required to be filed. 4. Amended Financing Statement: This type of filing is used to make changes or corrections to a previously filed UCC1 Financing Statement, such as updating debtor information, adding or removing collateral, or extending the expiration date. It is crucial to file the correct type of Queens New York UCC1 Financing Statement to ensure proper documentation and compliance with the UCC requirements. Failure to file or filing an incorrect statement can result in the loss of priority status in the event of default or bankruptcy. In conclusion, Queens New York UCC1 Financing Statement is a legal document used to establish a security interest in personal property as collateral for a loan or financial transaction. Understanding the different types of UCC1 filings relevant to Queens, New York is essential to ensure accurate and effective documentation in securing creditors' interests.