UCC1 - Financing Statement - Texas - For use until August 1, 2013. This form is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws.
Arlington, Texas UCC1 Financing Statement serves as a crucial legal document that allows financial institutions and creditors to establish their legal rights to the assets pledged as collateral in a transaction. Filed under the Uniform Commercial Code (UCC) laws, this statement provides a clear record of a creditor's interest in personal property, ensuring the protection of their investment. The Arlington, Texas UCC1 Financing Statement is a comprehensive document that includes essential details required for properly documenting a financial transaction. It typically contains the name and contact information of both the debtor and the secured party, a detailed description of the collateral, and any additional terms or agreements between the parties involved. The statement must be filed with the appropriate filing office, commonly the County Clerk's office or Secretary of State, to properly perfect a creditor's security interest. Keywords: Arlington Texas, UCC1 Financing Statement, legal document, financial institutions, creditors, legal rights, collateral, transaction, Uniform Commercial Code, personal property, protection of investment, debtor, secured party, detailed description, additional terms, agreements, filing office, County Clerk's office, Secretary of State. Different types of Arlington, Texas UCC1 Financing Statements may include: 1. Original Financing Statement: This type of statement is filed when a creditor initially establishes their security interest on specific collateral. It serves as the starting point for future transactions and may include information about the debtor, secured party, and the collateral being pledged. 2. Amendment Financing Statement: When there are changes or alterations to an existing UCC1 Financing Statement, an amendment is filed to reflect the updated information. This can include changes in debtor or secured party details, modification of collateral description, or the termination of a prior financing statement. 3. Continuation Financing Statement: Filed to extend the duration of an existing UCC1 Financing Statement, a continuation statement ensures that the creditor's security interest remains in effect beyond its initial expiration date. Creditors must file this statement before the original statement's lapse to maintain their priority status. 4. Termination Financing Statement: When a debt is fully repaid or a security interest is no longer valid, a termination statement is filed to release the creditor's claim on the collateral. It serves as an acknowledgment of the fulfilled obligation, allowing the debtor to freely transfer or sell the asset without any encumbrances. Keywords: Original Financing Statement, Amendment Financing Statement, Continuation Financing Statement, Termination Financing Statement, changes, alterations, updated information, duration extension, expiration date, priority status, termination, release, fulfilled obligation, encumbrances.Arlington, Texas UCC1 Financing Statement serves as a crucial legal document that allows financial institutions and creditors to establish their legal rights to the assets pledged as collateral in a transaction. Filed under the Uniform Commercial Code (UCC) laws, this statement provides a clear record of a creditor's interest in personal property, ensuring the protection of their investment. The Arlington, Texas UCC1 Financing Statement is a comprehensive document that includes essential details required for properly documenting a financial transaction. It typically contains the name and contact information of both the debtor and the secured party, a detailed description of the collateral, and any additional terms or agreements between the parties involved. The statement must be filed with the appropriate filing office, commonly the County Clerk's office or Secretary of State, to properly perfect a creditor's security interest. Keywords: Arlington Texas, UCC1 Financing Statement, legal document, financial institutions, creditors, legal rights, collateral, transaction, Uniform Commercial Code, personal property, protection of investment, debtor, secured party, detailed description, additional terms, agreements, filing office, County Clerk's office, Secretary of State. Different types of Arlington, Texas UCC1 Financing Statements may include: 1. Original Financing Statement: This type of statement is filed when a creditor initially establishes their security interest on specific collateral. It serves as the starting point for future transactions and may include information about the debtor, secured party, and the collateral being pledged. 2. Amendment Financing Statement: When there are changes or alterations to an existing UCC1 Financing Statement, an amendment is filed to reflect the updated information. This can include changes in debtor or secured party details, modification of collateral description, or the termination of a prior financing statement. 3. Continuation Financing Statement: Filed to extend the duration of an existing UCC1 Financing Statement, a continuation statement ensures that the creditor's security interest remains in effect beyond its initial expiration date. Creditors must file this statement before the original statement's lapse to maintain their priority status. 4. Termination Financing Statement: When a debt is fully repaid or a security interest is no longer valid, a termination statement is filed to release the creditor's claim on the collateral. It serves as an acknowledgment of the fulfilled obligation, allowing the debtor to freely transfer or sell the asset without any encumbrances. Keywords: Original Financing Statement, Amendment Financing Statement, Continuation Financing Statement, Termination Financing Statement, changes, alterations, updated information, duration extension, expiration date, priority status, termination, release, fulfilled obligation, encumbrances.