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.
Wichita Falls Texas UCC1-AD — Financing Statement serves as a legal document used in the state of Texas to establish a creditor's security interest in personal property. This statement is filed under the Uniform Commercial Code (UCC) guidelines, specifically Article 9, to protect the lender's rights over the borrower's collateral in case of non-payment or default. It is an essential part of securing loans and ensuring financial transactions in Wichita Falls, Texas. The UCC1-AD Financing Statement includes crucial information such as the names and addresses of both the debtor (borrower) and the secured party (lender). Additionally, it specifies a detailed description of the collateral involved, encompassing various types of personal property that can be used as security. The collateral description should be accurate and thorough to ensure the creditor's rights are sufficiently protected. It is important to note that there are no specific different types of UCC1-AD Financing Statements for Wichita Falls, Texas. However, variations may exist based on the specific type of transaction or industry involved. Here are a few common keywords associated with UCC1-AD Financing Statements: 1. UCC1-AD Amendment: Whenever there are changes in the original financing statement, an amendment may be filed to update information such as address changes, collateral additions, or other modifications. 2. UCC1-AD Termination: Once the debt is paid off or the loan agreement is concluded, the secured party files a termination statement to release their security interest in the collateral. 3. UCC1-AD Search: Interested parties can conduct searches to determine existing UCC1-AD filings for a specific debtor or collateral, ensuring there are no conflicting security interests. 4. UCC1-AD Perfection: Filing the UCC1-AD Financing Statement with the appropriate authority, typically the Secretary of State's office, is crucial to perfect the creditor's security interest. Without proper filing, the creditor's claim may be at risk. Overall, the Wichita Falls Texas UCC1-AD — Financing Statement is a legal document designed to protect the rights of lenders providing loans secured by personal property in Wichita Falls, Texas. It establishes a creditor's security interest, details the collateral, and serves as a reference for future transactions involving the borrower and lender.
