UCC1 - Financing Statement - South Dakota - 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.
Sioux Falls South Dakota UCC1 Financing Statement is an official legal document that serves as a notice to secure a lender's interest in personal property collateral. This statement is governed by the Uniform Commercial Code (UCC), which is a comprehensive set of laws that govern commercial transactions. The UCC1 Financing Statement filed in Sioux Falls, South Dakota provides crucial information about the secured party (lender), the debtor (borrower), and the collateral being used to secure the loan. It establishes a publicly available record of the lender's claim to the borrower's assets and helps protect the lender's rights in case of default or bankruptcy. Keywords: Sioux Falls, South Dakota, UCC1 Financing Statement, legal document, notice, lender's interest, personal property collateral, Uniform Commercial Code, commercial transactions, secured party, debtor, collateral, loan, publicly available record, protect, default, bankruptcy. Different types of Sioux Falls South Dakota UCC1 Financing Statements may include: 1. Initial Financing Statement: This is the first filing made by a lender to establish their interest in the borrower's collateral. It provides the necessary information required for perfection of a security interest. 2. Amended Financing Statement: If there are any changes to the original UCC1 Financing Statement, such as a modification to the collateral description or an update in the creditor's information, an amended financing statement must be filed to ensure accuracy and continuity. 3. Continuation Statement: UCC1 Financing Statements have a limited duration, typically five years from the filing date. A continuation statement extends the duration of the original filing, ensuring the secured party's interest remains valid and effective. 4. Termination Statement: Once a debt is fully repaid or satisfied, a termination statement is filed to release the lien on the debtor's collateral. This statement serves as evidence that the previously filed UCC1 Financing Statement is no longer in effect. 5. Assignment: An assignment occurs when a creditor transfers their interest in the debtor's collateral to another party. In such cases, the UCC1 Financing Statement can be assigned along with the debt obligation to reflect the change in secured parties. An assignment statement is filed to document this transfer. Keywords: Initial Financing Statement, Amended Financing Statement, Continuation Statement, Termination Statement, Assignment, lender, borrower, collateral description, modification, filing date, accuracy, continuity, limited duration, validity, effective, release lien, evidence, satisfaction, transfer, debt obligation.Sioux Falls South Dakota UCC1 Financing Statement is an official legal document that serves as a notice to secure a lender's interest in personal property collateral. This statement is governed by the Uniform Commercial Code (UCC), which is a comprehensive set of laws that govern commercial transactions. The UCC1 Financing Statement filed in Sioux Falls, South Dakota provides crucial information about the secured party (lender), the debtor (borrower), and the collateral being used to secure the loan. It establishes a publicly available record of the lender's claim to the borrower's assets and helps protect the lender's rights in case of default or bankruptcy. Keywords: Sioux Falls, South Dakota, UCC1 Financing Statement, legal document, notice, lender's interest, personal property collateral, Uniform Commercial Code, commercial transactions, secured party, debtor, collateral, loan, publicly available record, protect, default, bankruptcy. Different types of Sioux Falls South Dakota UCC1 Financing Statements may include: 1. Initial Financing Statement: This is the first filing made by a lender to establish their interest in the borrower's collateral. It provides the necessary information required for perfection of a security interest. 2. Amended Financing Statement: If there are any changes to the original UCC1 Financing Statement, such as a modification to the collateral description or an update in the creditor's information, an amended financing statement must be filed to ensure accuracy and continuity. 3. Continuation Statement: UCC1 Financing Statements have a limited duration, typically five years from the filing date. A continuation statement extends the duration of the original filing, ensuring the secured party's interest remains valid and effective. 4. Termination Statement: Once a debt is fully repaid or satisfied, a termination statement is filed to release the lien on the debtor's collateral. This statement serves as evidence that the previously filed UCC1 Financing Statement is no longer in effect. 5. Assignment: An assignment occurs when a creditor transfers their interest in the debtor's collateral to another party. In such cases, the UCC1 Financing Statement can be assigned along with the debt obligation to reflect the change in secured parties. An assignment statement is filed to document this transfer. Keywords: Initial Financing Statement, Amended Financing Statement, Continuation Statement, Termination Statement, Assignment, lender, borrower, collateral description, modification, filing date, accuracy, continuity, limited duration, validity, effective, release lien, evidence, satisfaction, transfer, debt obligation.
