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.
Tarrant Texas UCC1-AD — Financing Statement: Explained The Tarrant Texas UCC1-AD — Financing Statement is an essential legal document used in commercial transactions to establish and protect a creditor's interest in the personal property of a debtor. This statement is filed under the Uniform Commercial Code (UCC) provisions, specifically Article 9, in Tarrant County, Texas. Its purpose is to provide notice to other creditors about an existing secured interest in specific collateral owned by the debtor. The UCC1-AD Financing Statement contains crucial information regarding the debtor, creditor, collateral properties, and any additional grants or specifics of the secured transaction. It is crucial to accurately complete and file this document to ensure enforceability and priority of the creditor's rights. Keywords: Tarrant Texas, UCC1-AD, financing statement, commercial transactions, creditor, personal property, debtor, Uniform Commercial Code, UCC, Article 9, Tarrant County, Texas, secured interest, collateral, notice, debtor, creditor, grants, secured transaction, enforceability, priority, rights. Types of Tarrant Texas UCC1-AD — Financing Statements: 1. General UCC1-AD — Financing Statement: The most common type of financing statement, which covers a broad range of collateral assets involved in a secured transaction. It provides comprehensive notice to other creditors about the creditor's stake in the debtor's various properties. 2. Amended UCC1-AD — Financing Statement: Used when revising or updating an already filed financing statement. It may be necessary in case of errors, changes in collateral, or any modifications to the original filed statement. 3. Termination UCC1-AD — Financing Statement: Filed when the secured debt is paid off, released, or no longer enforceable. This statement serves as official notice, indicating that the creditor's interest in the collateral is terminated. 4. Partial Release UCC1-AD — Financing Statement: Applicable when a creditor releases its interest in certain collateral properties but maintains the secured interest in the remaining collateral. This statement identifies the specific property being released while keeping the remaining collateral intact. 5. Assignment UCC1-AD — Financing Statement: Used to convey or transfer a creditor's secured interest to another party, typically through an assignment or sale. It allows for the smooth transition of rights and interests between creditors while maintaining compliance with UCC provisions. Keywords: UCC1-AD, financing statement, general, amended, termination, partial release, assignment, Tarrant Texas, secured debt, collateral, creditor, debtor, notice, enforceable, properties, payment, release, transfer, compliance.Tarrant Texas UCC1-AD — Financing Statement: Explained The Tarrant Texas UCC1-AD — Financing Statement is an essential legal document used in commercial transactions to establish and protect a creditor's interest in the personal property of a debtor. This statement is filed under the Uniform Commercial Code (UCC) provisions, specifically Article 9, in Tarrant County, Texas. Its purpose is to provide notice to other creditors about an existing secured interest in specific collateral owned by the debtor. The UCC1-AD Financing Statement contains crucial information regarding the debtor, creditor, collateral properties, and any additional grants or specifics of the secured transaction. It is crucial to accurately complete and file this document to ensure enforceability and priority of the creditor's rights. Keywords: Tarrant Texas, UCC1-AD, financing statement, commercial transactions, creditor, personal property, debtor, Uniform Commercial Code, UCC, Article 9, Tarrant County, Texas, secured interest, collateral, notice, debtor, creditor, grants, secured transaction, enforceability, priority, rights. Types of Tarrant Texas UCC1-AD — Financing Statements: 1. General UCC1-AD — Financing Statement: The most common type of financing statement, which covers a broad range of collateral assets involved in a secured transaction. It provides comprehensive notice to other creditors about the creditor's stake in the debtor's various properties. 2. Amended UCC1-AD — Financing Statement: Used when revising or updating an already filed financing statement. It may be necessary in case of errors, changes in collateral, or any modifications to the original filed statement. 3. Termination UCC1-AD — Financing Statement: Filed when the secured debt is paid off, released, or no longer enforceable. This statement serves as official notice, indicating that the creditor's interest in the collateral is terminated. 4. Partial Release UCC1-AD — Financing Statement: Applicable when a creditor releases its interest in certain collateral properties but maintains the secured interest in the remaining collateral. This statement identifies the specific property being released while keeping the remaining collateral intact. 5. Assignment UCC1-AD — Financing Statement: Used to convey or transfer a creditor's secured interest to another party, typically through an assignment or sale. It allows for the smooth transition of rights and interests between creditors while maintaining compliance with UCC provisions. Keywords: UCC1-AD, financing statement, general, amended, termination, partial release, assignment, Tarrant Texas, secured debt, collateral, creditor, debtor, notice, enforceable, properties, payment, release, transfer, compliance.