Hillsboro Oregon UCC1 Financing Statement is a legal document filed by a secured party to establish their security interest in personal property. It is used as a means of protecting a lender's rights in the event that a borrower defaults on a loan or debt. The UCC1 Financing Statement serves as a public notice, notifying other potential creditors about the secured party's interest in specific assets. The UCC1 Financing Statement typically consists of a standardized form that includes various information, including the names and contact details of both the secured party (creditor) and the debtor (borrower), a detailed description of the collateral (assets used as security), and any additional clauses or special provisions. In Hillsboro, Oregon, there are no specific variations or types of UCC1 Financing Statement unique to the city. The UCC1 Financing Statement follows the Uniform Commercial Code (UCC) principles, which are adopted by most states in the United States, including Oregon. Therefore, the UCC1 Financing Statement used in Hillsboro is similar to those used across the state. It is important to note that the UCC1 Financing Statement does not transfer ownership of the collateral, but rather provides the secured party with priority rights over other creditors. The filing of this statement creates a public record of the secured party's interest and establishes a first-in-time priority, meaning that if multiple creditors claim rights to the same collateral, the one who filed the UCC1 Financing Statement first will have the highest priority. Common keywords relevant to Hillsboro Oregon UCC1 Financing Statement include: 1. Oregon UCC1 financing statement 2. Secured party 3. Debtor 4. Collateral description 5. Personal property 6. Legal document 7. Loan security 8. Default protection 9. Creditor's rights 10. Priority rights 11. Public notice 12. Uniform Commercial Code 13. Filing requirements 14. Asset-based lending 15. Creditworthiness assessment In summary, the Hillsboro Oregon UCC1 Financing Statement is a legal document used to establish a secured party's interest in personal property, following the principles of the Uniform Commercial Code. By filing this statement, the creditor ensures their priority rights over other creditors in case of default or bankruptcy.
Hillsboro Oregon UCC1 Financing Statement
Description
How to fill out Hillsboro Oregon UCC1 Financing Statement?
If you’ve already utilized our service before, log in to your account and save the Hillsboro Oregon UCC1 Financing Statement on your device by clicking the Download button. Make sure your subscription is valid. If not, renew it according to your payment plan.
If this is your first experience with our service, follow these simple actions to obtain your file:
- Ensure you’ve found a suitable document. Read the description and use the Preview option, if available, to check if it meets your needs. If it doesn’t suit you, use the Search tab above to obtain the proper one.
- Purchase the template. Click the Buy Now button and select a monthly or annual subscription plan.
- Register an account and make a payment. Utilize your credit card details or the PayPal option to complete the purchase.
- Obtain your Hillsboro Oregon UCC1 Financing Statement. Opt for the file format for your document and save it to your device.
- Fill out your sample. Print it out or take advantage of professional online editors to fill it out and sign it electronically.
You have permanent access to each piece of paperwork you have bought: you can find it in your profile within the My Forms menu anytime you need to reuse it again. Take advantage of the US Legal Forms service to rapidly find and save any template for your personal or professional needs!
Form popularity
FAQ
Box 2 ? Termination ? This is a termination of the effectiveness of the financing statement by the secured party. However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed.
How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
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.
In fact, it is sometimes called a UCC financing statement. 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.
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
A uniform commercial code (UCC) filing is a notice registered by a lender when a loan is taken out against a single asset or a group of assets. A UCC filing creates a lien against the collateral a borrower pledges for a business loan. The uniform commercial code is a set of rules governing commercial transactions.
The second method Article 9 provides for dealing with unauthorized filings involves Section 9-518. This section, entitled ?Claim Concerning Inaccurate or Wrongfully Filed Record?, provides a non-judicial means for a debtor to correct a UCC record that was inaccurate or wrongfully filed.
In fact, it is sometimes called a UCC financing statement. 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.
How to complete a UCC1 (Step by Step) Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.