Eugene Oregon UCC Financing Statement

• Category: Oregon Court Samples - Loans and Lending - Assignments - Leases - Sample Case 2
• State: Oregon
• City: Eugene
• Control #: OR-HJ-655-01
• Format: PDF

Description

A01 UCC Financing Statement Eugene Oregon UCC Financing Statement is a legal document that is utilized to establish a lender's security interest in a debtor's personal property as collateral for a loan. This statement is governed by the Uniform Commercial Code (UCC), a set of laws and regulations that govern commercial transactions in the United States. By filing a UCC Financing Statement with the Secretary of State's office in Oregon, lenders inform other parties that they have a legal claim to the debtor's assets. This statement serves as a public record and helps potential creditors and buyers understand any existing security interests against the property. The Eugene Oregon UCC Financing Statement typically includes various key elements such as: 1. Debtor Information: The name and address of the debtor who is granting the security interest. 2. Secured Party Information: The name and address of the lender or secured party who holds the security interest. 3. Collateral Description: A detailed description of the personal property being used as collateral. It may include assets such as inventory, equipment, accounts receivable, or other tangible or intangible assets. 4. Additional Provisions: This section allows for any additional agreements or information related to the financing statement. There are different types of UCC Financing Statements that can be filed in Eugene, Oregon, based on the specifics of the transaction: 1. Initial Financing Statement: Filed to establish the first official notice of a lender's security interest in a debtor's property. 2. Amendment: Filed to update or correct information in a previously filed financing statement. It may include changes to debtor information, secured party information, or collateral description. 3. Continuation Statement: Filed to extend the effectiveness of a financing statement beyond its initial expiration period, which is typically five years. This statement ensures that the lender's security interest remains valid and enforceable. 4. Termination Statement: Filed by a secured party when a loan has been fully repaid or the security interest is no longer valid. This statement releases the lender's claim on the debtor's assets and removes the UCC filing from public record. It is crucial for both lenders and debtors to understand the importance of filing a Eugene Oregon UCC Financing Statement accurately and in a timely manner. This filing provides legal protection for lenders and helps maintain transparency and clarity in commercial transactions.

Eugene Oregon UCC Financing Statement is a legal document that is utilized to establish a lender's security interest in a debtor's personal property as collateral for a loan. This statement is governed by the Uniform Commercial Code (UCC), a set of laws and regulations that govern commercial transactions in the United States. By filing a UCC Financing Statement with the Secretary of State's office in Oregon, lenders inform other parties that they have a legal claim to the debtor's assets. This statement serves as a public record and helps potential creditors and buyers understand any existing security interests against the property. The Eugene Oregon UCC Financing Statement typically includes various key elements such as: 1. Debtor Information: The name and address of the debtor who is granting the security interest. 2. Secured Party Information: The name and address of the lender or secured party who holds the security interest. 3. Collateral Description: A detailed description of the personal property being used as collateral. It may include assets such as inventory, equipment, accounts receivable, or other tangible or intangible assets. 4. Additional Provisions: This section allows for any additional agreements or information related to the financing statement. There are different types of UCC Financing Statements that can be filed in Eugene, Oregon, based on the specifics of the transaction: 1. Initial Financing Statement: Filed to establish the first official notice of a lender's security interest in a debtor's property. 2. Amendment: Filed to update or correct information in a previously filed financing statement. It may include changes to debtor information, secured party information, or collateral description. 3. Continuation Statement: Filed to extend the effectiveness of a financing statement beyond its initial expiration period, which is typically five years. This statement ensures that the lender's security interest remains valid and enforceable. 4. Termination Statement: Filed by a secured party when a loan has been fully repaid or the security interest is no longer valid. This statement releases the lender's claim on the debtor's assets and removes the UCC filing from public record. It is crucial for both lenders and debtors to understand the importance of filing a Eugene Oregon UCC Financing Statement accurately and in a timely manner. This filing provides legal protection for lenders and helps maintain transparency and clarity in commercial transactions.