Oklahoma City, Oklahoma UCC1 Financing Statement is a legal document used to secure a creditor's interest in personal property as collateral for a loan or financing arrangement. It is filed under the Uniform Commercial Code (UCC) in the state of Oklahoma. The UCC1 Financing Statement creates a public record of the creditor's claim in case of default or bankruptcy. This statement is crucial for both lenders and borrowers as it establishes a transparent and enforceable agreement regarding the collateral. The UCC1 Financing Statement contains pertinent information about the debtor, the creditor, and details regarding the collateral securing the debt. The form requires specific information to be filled out accurately, including the debtor's name and address, the secured party's name and address, a description of the collateral, and other necessary details. It is important to ensure the accuracy of this information to protect the interests of all parties involved. In Oklahoma City, there are no specific types of UCC1 Financing Statements exclusive to the region. The form remains consistent throughout the state, adhering to the guidelines set by the UCC. However, variations in financing statement content may occur based on the nature of the collateral or specific contractual agreements between the parties. It is important to note that filing the UCC1 Financing Statement does not transfer ownership of the collateral; rather, it grants the creditor a secured interest in case of default. By filing this statement with the appropriate governmental agency, usually the Oklahoma Secretary of State, the creditor establishes priority over other competing claims on the collateral. In conclusion, the Oklahoma City, Oklahoma UCC1 Financing Statement is a vital legal document used to secure interests in personal property as collateral for loans or financing arrangements. It ensures transparency and provides a clear record in case of default or bankruptcy. Accuracy in completing the form is crucial, and it is not exclusive to any specific types in Oklahoma City but adheres to the standard UCC principles.
Oklahoma City Oklahoma UCC1 Financing Statement
Description
How to fill out Oklahoma City Oklahoma UCC1 Financing Statement?
Finding approved templates particular to your local laws can be difficult unless you utilize the US Legal Forms library.
It’s an online resource of over 85,000 legal documents for both personal and professional requirements and various real-world situations.
All the files are well-organized by area of use and jurisdiction, making it easy and quick to locate the Oklahoma City Oklahoma UCC1 Financing Statement.
Maintaining paperwork organized and compliant with legal stipulations is very important. Take advantage of the US Legal Forms library to always have vital document templates for any requirements readily available!
- Check the Preview mode and document description.
- Ensure you’ve selected the accurate one that fulfills your needs and aligns with your local jurisdiction requirements.
- Search for another template, if necessary.
- If you spot any discrepancies, use the Search tab above to find the correct one. If it meets your needs, proceed to the next step.
- Purchase the document.
Form popularity
FAQ
You should file a UCC-1 Financing Statement with the secretary of state's office in the state where the debtor is incorporated or located. If the collateral is real property, then you should also file a UCC-1 with the county recorder's office in the county where the debtor's real property is located.
The proper place to file a financing statement in order to perfect a security interest is the UCC Central Filing Office, located in the Offices of the Oklahoma County Clerk. Transmitting Utilities and EFS Forms are filed at the Secretary of State.
Visit your secretary of state's office. To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
You should file a UCC-1 Financing Statement with the secretary of state's office in the state where the debtor is incorporated or located. If the collateral is real property, then you should also file a UCC-1 with the county recorder's office in the county where the debtor's real property is located.
A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
In theory, anyone can file a UCC-1 against anyone else. To protect both secured creditors and debtors, Article 9 has strict requirements that must be met for a filed UCC-1 to be effective. One of those requirements is that the financing statement must be authorized by the debtor.
1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC1 filing has lapsed.