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.
Killeen, Texas UCC1-AD Financing Statement: A Comprehensive Overview of the Document In Killeen, Texas, a UCC1-AD (Uniform Commercial Code 1-AD) financing statement is a vital legal document used to establish a security interest in personal property as collateral for a loan or credit transaction. This statement is filed with the Texas Secretary of State's office as per the provisions of the Uniform Commercial Code. The UCC1-AD financing statement is a standardized form that includes essential information about the debtor, secured party, and collateral involved in the transaction. By filing this document, the secured party protects their interest in the property, ensuring that they will have priority over other creditors in the event of a default or bankruptcy. It serves as public notice to all interested parties about the existence of the secured party's claim. Key Components of Killeen Texas UCC1-AD Financing Statement: 1. Debtor Information: The debtor's full legal name, address, and other important identifying details must be accurately provided. It is crucial to ensure the debtor's information is correctly entered to avoid any complications or disputes. 2. Secured Party Information: The secured party refers to the lender or creditor who holds a security interest in the personal property. The name, address, and contact details of the secured party must be accurately specified in the financing statement. 3. Collateral Description: This section requires a detailed description of the collateral being used as security for the loan. It is crucial to provide sufficient information to accurately identify and describe the collateral involved, such as make, model, serial number, or any other distinguishing features. 4. Financing Statement Duration: The UCC1-AD financing statement typically remains effective for a period of five years from the filing date. To maintain the security interest, the secured party must file a continuation statement before the expiration date to extend the validity of the financing statement. Types of Killeen Texas UCC1-AD Financing Statement: 1. General UCC1-AD Financing Statement: This is the most common type of financing statement used in Killeen, Texas, and is filed to establish a security interest in personal property. It covers a broad range of transactions, securing the creditor's interest in various collateral types. 2. Amendment UCC1-AD Financing Statement: This type is used to modify or amend information contained within a previously filed financing statement. Amendments may involve changes to debtor information, collateral description, or secured party details. 3. Termination UCC1-AD Financing Statement: When the debt has been paid off or released, the termination statement is filed to release the secured party's interest in the collateral. It removes the previously filed financing statement from public record, ensuring clarity in the ownership of the property. In Conclusion: The Killeen, Texas UCC1-AD financing statement is a crucial legal document utilized to establish and protect a creditor's security interest in personal property. By carefully completing and filing this document, both debtors and secured parties ensure transparency and maintain their rights in various credit and loan transactions. Accuracy and compliance with the filing requirements are essential to avoid any complications or challenges in asserting one's interests.Killeen, Texas UCC1-AD Financing Statement: A Comprehensive Overview of the Document In Killeen, Texas, a UCC1-AD (Uniform Commercial Code 1-AD) financing statement is a vital legal document used to establish a security interest in personal property as collateral for a loan or credit transaction. This statement is filed with the Texas Secretary of State's office as per the provisions of the Uniform Commercial Code. The UCC1-AD financing statement is a standardized form that includes essential information about the debtor, secured party, and collateral involved in the transaction. By filing this document, the secured party protects their interest in the property, ensuring that they will have priority over other creditors in the event of a default or bankruptcy. It serves as public notice to all interested parties about the existence of the secured party's claim. Key Components of Killeen Texas UCC1-AD Financing Statement: 1. Debtor Information: The debtor's full legal name, address, and other important identifying details must be accurately provided. It is crucial to ensure the debtor's information is correctly entered to avoid any complications or disputes. 2. Secured Party Information: The secured party refers to the lender or creditor who holds a security interest in the personal property. The name, address, and contact details of the secured party must be accurately specified in the financing statement. 3. Collateral Description: This section requires a detailed description of the collateral being used as security for the loan. It is crucial to provide sufficient information to accurately identify and describe the collateral involved, such as make, model, serial number, or any other distinguishing features. 4. Financing Statement Duration: The UCC1-AD financing statement typically remains effective for a period of five years from the filing date. To maintain the security interest, the secured party must file a continuation statement before the expiration date to extend the validity of the financing statement. Types of Killeen Texas UCC1-AD Financing Statement: 1. General UCC1-AD Financing Statement: This is the most common type of financing statement used in Killeen, Texas, and is filed to establish a security interest in personal property. It covers a broad range of transactions, securing the creditor's interest in various collateral types. 2. Amendment UCC1-AD Financing Statement: This type is used to modify or amend information contained within a previously filed financing statement. Amendments may involve changes to debtor information, collateral description, or secured party details. 3. Termination UCC1-AD Financing Statement: When the debt has been paid off or released, the termination statement is filed to release the secured party's interest in the collateral. It removes the previously filed financing statement from public record, ensuring clarity in the ownership of the property. In Conclusion: The Killeen, Texas UCC1-AD financing statement is a crucial legal document utilized to establish and protect a creditor's security interest in personal property. By carefully completing and filing this document, both debtors and secured parties ensure transparency and maintain their rights in various credit and loan transactions. Accuracy and compliance with the filing requirements are essential to avoid any complications or challenges in asserting one's interests.
