This Uniform Commercial Code form, a UCC1-AD - Financing Statement - Texas, is for use in the documentation of personal property as collateral for a loan, and related matters.
Carrollton Texas UCC1-AD — Financing Statement is a legal document that plays a vital role in securing a lender's interest in personal property or assets as collateral for a loan. It is governed by the Uniform Commercial Code (UCC), which establishes a standardized set of rules for commercial transactions. UCC1-AD refers to the specific financing statement form utilized in Carrollton, Texas. The UCC1-AD — Financing Statement facilitates the creation of a public record, alerting other potential lenders or interested parties to existing liens or claims on the property or assets. By filing this document, lenders protect their financial interests and gain priority over other claimants in case of default or bankruptcy. The content contained in a Carrollton Texas UCC1-AD — Financing Statement typically includes: 1. Debtor Information: The legal name and address of the person or entity that owes the monetary obligation secured by the collateral. 2. Creditor Information: The legal name and address of the person or entity extending credit or loan and holding the security interest. 3. Collateral Description: A detailed description of the property or assets being used as collateral, including serial numbers, models, or any other relevant identifiers to ensure accurate identification. 4. Financing Statement Expiration: The date on which the financing statement will expire, usually within five years from the filing date. It can be renewed by filing a continuation statement if the loan or credit is ongoing. 5. Filing Information: Details about the office where the financing statement is being filed, such as the name of the county and the filing location. It is important to note that there may be additional types of Carrollton Texas UCC1-AD — Financing Statements based on specific scenarios or variations in the collateral involved. For example: 1. UCC1-AD Amendment: Used to modify or update information on an existing financing statement, such as changes to debtor or creditor details, collateral description, or continuation statements. 2. UCC1-AD Termination: Filed when a loan or credit has been fully repaid, and the security interest is no longer valid. It removes the lien or claim from the public record. 3. UCC1-AD Assignment: Filed when a creditor assigns or transfers their interest in the collateral to another party, who becomes the new secured party. In summary, Carrollton Texas UCC1-AD — Financing Statement is a crucial legal document used in securing and registering a lender's interest in personal property or assets. It serves to establish priority rights over other potential creditors and is subject to various variations such as amendments, termination, and assignments, depending on the specific circumstances.Carrollton Texas UCC1-AD — Financing Statement is a legal document that plays a vital role in securing a lender's interest in personal property or assets as collateral for a loan. It is governed by the Uniform Commercial Code (UCC), which establishes a standardized set of rules for commercial transactions. UCC1-AD refers to the specific financing statement form utilized in Carrollton, Texas. The UCC1-AD — Financing Statement facilitates the creation of a public record, alerting other potential lenders or interested parties to existing liens or claims on the property or assets. By filing this document, lenders protect their financial interests and gain priority over other claimants in case of default or bankruptcy. The content contained in a Carrollton Texas UCC1-AD — Financing Statement typically includes: 1. Debtor Information: The legal name and address of the person or entity that owes the monetary obligation secured by the collateral. 2. Creditor Information: The legal name and address of the person or entity extending credit or loan and holding the security interest. 3. Collateral Description: A detailed description of the property or assets being used as collateral, including serial numbers, models, or any other relevant identifiers to ensure accurate identification. 4. Financing Statement Expiration: The date on which the financing statement will expire, usually within five years from the filing date. It can be renewed by filing a continuation statement if the loan or credit is ongoing. 5. Filing Information: Details about the office where the financing statement is being filed, such as the name of the county and the filing location. It is important to note that there may be additional types of Carrollton Texas UCC1-AD — Financing Statements based on specific scenarios or variations in the collateral involved. For example: 1. UCC1-AD Amendment: Used to modify or update information on an existing financing statement, such as changes to debtor or creditor details, collateral description, or continuation statements. 2. UCC1-AD Termination: Filed when a loan or credit has been fully repaid, and the security interest is no longer valid. It removes the lien or claim from the public record. 3. UCC1-AD Assignment: Filed when a creditor assigns or transfers their interest in the collateral to another party, who becomes the new secured party. In summary, Carrollton Texas UCC1-AD — Financing Statement is a crucial legal document used in securing and registering a lender's interest in personal property or assets. It serves to establish priority rights over other potential creditors and is subject to various variations such as amendments, termination, and assignments, depending on the specific circumstances.
