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.
Austin Texas UCC1 Financing Statement
State:
Texas
City:
Austin
Control #:
TX-UCC1
Format:
PDF
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Description
How to fill out Texas UCC1 Financing Statement?
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FAQ
The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.
In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
UCC liens are used when a creditor wants to give notice to other lenders of its interest in a debtor's property. A UCC-1 financing statement is generally filed with the debtor's secretary of state when a loan is originated. Lenders can attach UCC liens to a wide range of assets, including: Inventory.
The financial statement serves a similar purpose as recording a deed for real property: registering debt with a state so other creditors and the government can track legitimate security interests in property.
A UCC filing creates a lien against the collateral a borrower pledges for a business loan. The uniform commercial code is a set of rules governing commercial transactions. When a business owner receives financing secured by collateral, a lender can file a UCC lien against the assets pledged by the business owner.
A request for a certified search of the UCC records must be submitted in writing to one of the Clerk of Court offices. The fee for the search is $30 per debtor name. The Secretary of State offers subscriptions to the UCC database for an annual fee of $400.
Normally a UCC-1 Financing Statement expires five years from the date of filing. If the loan has not been paid off, the lender may file a continuation, extending the financing statement for an additional five years. If the lender changes names or ownership, an assignment may be filed to show the new lender's name.
In Texas you can search for UCC-1 filings made against your company through a website provided by the Texas Secretary of State's office. There is a very small fee for conducting this search. Normally a UCC-1 Financing Statement expires five years from the date and time of filing as indicated on the UCC-1 form.
All UCC's that are filed with the County Clerk are valid for (5) years. Any statement that expires may be continued with the Secretary of State. If the statement remains effective past July 01, 2002, a new UCC will need to be filed. Please direct any questions to the Texas Secretary of State.
The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.