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.
The Houston Texas UCC1-AD — Financing Statement is a legal document that is used to establish a creditor's priority and security interest in personal property, also known as collateral, which is used as a source of repayment for a debt or obligation. This filing is made under the Uniform Commercial Code (UCC) Article 9, which governs secured transactions. The UCC1-AD — Financing Statement is filed with the Texas Secretary of State's office and is typically submitted by a creditor or lender to protect their interest in the collateral against competing claims from other creditors or potential buyers. This statement provides a public notice of the creditor's security interest and serves as evidence of the creditor's rights to the collateral in the event of default or nonpayment. The statement requires various information to be provided, including the debtor's name and address, the collateral being pledged, the creditor’s name and address, and any additional information required by the UCC. It is important to accurately and thoroughly complete this document to ensure legal compliance and to maximize the creditor's protection under the law. Different types of Houston Texas UCC1-AD — Financing Statements can be filed based on specific circumstances or situations. These may include: 1. Initial Financing Statement: This is the most common type of UCC1-AD statement and is filed by a creditor to establish its security interest in the collateral. 2. Continuation Statement: A continuation statement is filed to extend the effectiveness of an existing financing statement beyond its initial lapse date, which is typically five years from the original filing date. Filing a continuation statement is crucial to maintain priority over other creditors who may have filed their own UCC1-AD statements during the term of the original filing. 3. Termination Statement: A termination statement is used when a debt or obligation has been fully repaid or satisfied. It serves as a formal notice to cancel the previously filed financing statement, removing the creditor's security interest from the collateral. 4. Amendment Statement: An amendment statement is filed to modify or update information provided in the initial financing statement or any previously filed continuation statements. This may be necessary if there are changes in the debtor's name, address, or if there are changes to the collateral. Filing a Houston Texas UCC1-AD — Financing Statement is a critical step for creditors seeking to protect their rights and claims against debtors' collateral. It provides a transparent and uniform system for establishing and enforcing secured transactions, allowing creditors to have confidence in their ability to recover their debts in case of default.The Houston Texas UCC1-AD — Financing Statement is a legal document that is used to establish a creditor's priority and security interest in personal property, also known as collateral, which is used as a source of repayment for a debt or obligation. This filing is made under the Uniform Commercial Code (UCC) Article 9, which governs secured transactions. The UCC1-AD — Financing Statement is filed with the Texas Secretary of State's office and is typically submitted by a creditor or lender to protect their interest in the collateral against competing claims from other creditors or potential buyers. This statement provides a public notice of the creditor's security interest and serves as evidence of the creditor's rights to the collateral in the event of default or nonpayment. The statement requires various information to be provided, including the debtor's name and address, the collateral being pledged, the creditor’s name and address, and any additional information required by the UCC. It is important to accurately and thoroughly complete this document to ensure legal compliance and to maximize the creditor's protection under the law. Different types of Houston Texas UCC1-AD — Financing Statements can be filed based on specific circumstances or situations. These may include: 1. Initial Financing Statement: This is the most common type of UCC1-AD statement and is filed by a creditor to establish its security interest in the collateral. 2. Continuation Statement: A continuation statement is filed to extend the effectiveness of an existing financing statement beyond its initial lapse date, which is typically five years from the original filing date. Filing a continuation statement is crucial to maintain priority over other creditors who may have filed their own UCC1-AD statements during the term of the original filing. 3. Termination Statement: A termination statement is used when a debt or obligation has been fully repaid or satisfied. It serves as a formal notice to cancel the previously filed financing statement, removing the creditor's security interest from the collateral. 4. Amendment Statement: An amendment statement is filed to modify or update information provided in the initial financing statement or any previously filed continuation statements. This may be necessary if there are changes in the debtor's name, address, or if there are changes to the collateral. Filing a Houston Texas UCC1-AD — Financing Statement is a critical step for creditors seeking to protect their rights and claims against debtors' collateral. It provides a transparent and uniform system for establishing and enforcing secured transactions, allowing creditors to have confidence in their ability to recover their debts in case of default.
