Philadelphia Pennsylvania UCC1 Financing Statement

• Category: Pennsylvania Contracts - Uniform Commercial Code
• State: Pennsylvania
• County: Philadelphia
• Control #: PA-UCC1
• Format: PDF

Description

UCC1 - Financing Statement - Pennsylvania - 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. Title: Understanding Philadelphia Pennsylvania UCC1 Financing Statement: Types and Detailed Description Introduction: In Philadelphia, Pennsylvania, UCC1 Financing Statement plays a crucial role in providing a legal record of a secured party's interest in personal property. This document, governed by the Uniform Commercial Code (UCC), helps facilitate and protect financial transactions involving collateral within the state. This article aims to provide a detailed description of Philadelphia Pennsylvania UCC1 Financing Statement, its purpose, and highlight any notable types that exist. Detailed Description: 1. Purpose of Philadelphia Pennsylvania UCC1 Financing Statement: A Philadelphia Pennsylvania UCC1 Financing Statement serves as a public notice of a lender's secured interest in collateral, typically tangible or intangible property, given to secure a loan or credit transaction. The filing of this statement gives notice to other potential creditors or parties interested in the property to avoid conflicts or disputes. 2. Components of a Philadelphia Pennsylvania UCC1 Financing Statement: — Debtor and Secured Party Information: The statement requires accurate details of the debtor (the person obligated to repay the loan) and the secured party (the person or entity providing the loan). — Description of Collateral: A precise description of the collateral must be included, including its type, characteristics, and relevant serial or identification numbers. — Filing Information: The document should contain relevant filing data, such as the date and place of filing, to ensure proper recording and indexing. — Termination Information: If the financing statement is intended to be temporary or needs to be terminated due to loan repayment or other circumstances, a termination statement must be filed to remove the public record. 3. Types of Philadelphia Pennsylvania UCC1 Financing Statement: — Initial Financing Statement: This is the most common type, filed when a new loan or credit transaction takes place where collateral is offered as security. It allows the secured party to establish priority over other potential parties with a claim to the same collateral. — Amended Financing Statement: If there are changes or corrections in the original financing statement, an amendment is filed to reflect the updated information. This could include a change in the debtor's name, address, or a change in the description of the collateral. — Assignment Financing Statement: When a secured party transfers their interest in the collateral to another party, an assignment financing statement is filed to reflect the change in the secured party. This ensures the public record is updated and reflects the new party's secured interest. — Termination Statement: Once a loan is repaid, the debtor and the secured party file a termination statement to remove the financing statement from public record, effectively releasing the secured interest in the collateral. Conclusion: The Philadelphia Pennsylvania UCC1 Financing Statement is a critical legal document used to protect the interests of secured parties in personal property when engaging in credit or loan transactions. It serves as a public notice providing relevant details of the secured party's interest, the debtor, collateral, and filing information. Different types of financing statements, such as initial, amended, assignment, and termination statements, cater to circumstances requiring modifications, transfers, or termination of the secured interest. Understanding UCC1 Financing Statement intricacies ensures compliance and prevents potential disputes or conflicts.

Title: Understanding Philadelphia Pennsylvania UCC1 Financing Statement: Types and Detailed Description Introduction: In Philadelphia, Pennsylvania, UCC1 Financing Statement plays a crucial role in providing a legal record of a secured party's interest in personal property. This document, governed by the Uniform Commercial Code (UCC), helps facilitate and protect financial transactions involving collateral within the state. This article aims to provide a detailed description of Philadelphia Pennsylvania UCC1 Financing Statement, its purpose, and highlight any notable types that exist. Detailed Description: 1. Purpose of Philadelphia Pennsylvania UCC1 Financing Statement: A Philadelphia Pennsylvania UCC1 Financing Statement serves as a public notice of a lender's secured interest in collateral, typically tangible or intangible property, given to secure a loan or credit transaction. The filing of this statement gives notice to other potential creditors or parties interested in the property to avoid conflicts or disputes. 2. Components of a Philadelphia Pennsylvania UCC1 Financing Statement: — Debtor and Secured Party Information: The statement requires accurate details of the debtor (the person obligated to repay the loan) and the secured party (the person or entity providing the loan). — Description of Collateral: A precise description of the collateral must be included, including its type, characteristics, and relevant serial or identification numbers. — Filing Information: The document should contain relevant filing data, such as the date and place of filing, to ensure proper recording and indexing. — Termination Information: If the financing statement is intended to be temporary or needs to be terminated due to loan repayment or other circumstances, a termination statement must be filed to remove the public record. 3. Types of Philadelphia Pennsylvania UCC1 Financing Statement: — Initial Financing Statement: This is the most common type, filed when a new loan or credit transaction takes place where collateral is offered as security. It allows the secured party to establish priority over other potential parties with a claim to the same collateral. — Amended Financing Statement: If there are changes or corrections in the original financing statement, an amendment is filed to reflect the updated information. This could include a change in the debtor's name, address, or a change in the description of the collateral. — Assignment Financing Statement: When a secured party transfers their interest in the collateral to another party, an assignment financing statement is filed to reflect the change in the secured party. This ensures the public record is updated and reflects the new party's secured interest. — Termination Statement: Once a loan is repaid, the debtor and the secured party file a termination statement to remove the financing statement from public record, effectively releasing the secured interest in the collateral. Conclusion: The Philadelphia Pennsylvania UCC1 Financing Statement is a critical legal document used to protect the interests of secured parties in personal property when engaging in credit or loan transactions. It serves as a public notice providing relevant details of the secured party's interest, the debtor, collateral, and filing information. Different types of financing statements, such as initial, amended, assignment, and termination statements, cater to circumstances requiring modifications, transfers, or termination of the secured interest. Understanding UCC1 Financing Statement intricacies ensures compliance and prevents potential disputes or conflicts.