Suffolk New York UCC1 Financing Statement is a legal document that serves to protect the rights of secured creditors in commercial transactions. It is filed in accordance with the Uniform Commercial Code (UCC), a comprehensive set of laws governing businesses and commercial transactions in the United States. A Suffolk New York UCC1 Financing Statement is typically used when a creditor wants to establish a security interest in personal property as collateral for a loan or other financial obligation. This statement is filed with the Secretary of State's office to provide public notice of the creditor's interest in the property, thereby ensuring priority over subsequent claims or competing interests. The specific content of a Suffolk New York UCC1 Financing Statement includes various relevant keywords. Here are the essential elements typically found in such a statement: 1. Debtor Information: The name and address of the party obligated to repay the loan or fulfill the financial obligation. This could be an individual, business, or other legal entity. 2. Secured Party Information: The name and address of the creditor or the party with a security interest in the personal property being used as collateral. 3. Collateral Description: A detailed description of the personal property being pledged as collateral. This may include assets such as inventory, equipment, accounts receivable, or intellectual property. 4. Additional Provisions: Additional details or conditions related to the financing arrangement can be included, such as termination dates, assignment rights, or payment terms. It is important to note that there are no different types of Suffolk New York UCC1 Financing Statements. However, it is crucial to file the financing statement accurately to avoid potential issues or disputes. In some cases, amendments or terminations may be required to update or release a previously filed statement. Overall, a Suffolk New York UCC1 Financing Statement plays a critical role in safeguarding the rights of creditors and ensuring the orderly resolution of competing claims in commercial transactions. Properly filed statements establish a public record of the creditor's interest, allowing for informed decision-making and protecting the parties involved in the transaction.
Suffolk New York UCC1 Financing Statement
State:
New York
County:
Suffolk
Control #:
NY-UCC1
Format:
Word;
PDF;
Rich Text
Instant download
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Public form
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.
Suffolk New York UCC1 Financing Statement is a legal document that serves to protect the rights of secured creditors in commercial transactions. It is filed in accordance with the Uniform Commercial Code (UCC), a comprehensive set of laws governing businesses and commercial transactions in the United States. A Suffolk New York UCC1 Financing Statement is typically used when a creditor wants to establish a security interest in personal property as collateral for a loan or other financial obligation. This statement is filed with the Secretary of State's office to provide public notice of the creditor's interest in the property, thereby ensuring priority over subsequent claims or competing interests. The specific content of a Suffolk New York UCC1 Financing Statement includes various relevant keywords. Here are the essential elements typically found in such a statement: 1. Debtor Information: The name and address of the party obligated to repay the loan or fulfill the financial obligation. This could be an individual, business, or other legal entity. 2. Secured Party Information: The name and address of the creditor or the party with a security interest in the personal property being used as collateral. 3. Collateral Description: A detailed description of the personal property being pledged as collateral. This may include assets such as inventory, equipment, accounts receivable, or intellectual property. 4. Additional Provisions: Additional details or conditions related to the financing arrangement can be included, such as termination dates, assignment rights, or payment terms. It is important to note that there are no different types of Suffolk New York UCC1 Financing Statements. However, it is crucial to file the financing statement accurately to avoid potential issues or disputes. In some cases, amendments or terminations may be required to update or release a previously filed statement. Overall, a Suffolk New York UCC1 Financing Statement plays a critical role in safeguarding the rights of creditors and ensuring the orderly resolution of competing claims in commercial transactions. Properly filed statements establish a public record of the creditor's interest, allowing for informed decision-making and protecting the parties involved in the transaction.
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