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.
Brownsville Texas UCC1 Financing Statement is a legal document that provides public notice of a lender's interest in securing collateral for a loan. UCC1 stands for Uniform Commercial Code 1, which is a standardized form used across the United States to establish a creditor's priority in case a borrower defaults on their loan. Brownsville, Texas, like any other jurisdiction in the US, requires lenders to file this document with the appropriate authority to secure their interest. The UCC1 Financing Statement in Brownsville Texas contains important information about the creditor, debtor, and the collateral involved. This information includes the name and address of both parties, the description of the collateral being used as security, and any relevant attachments or addendums. The purpose of this statement is to serve as public notice to other potential creditors, allowing them to see that the collateral has already been encumbered. Different types of Brownsville Texas UCC1 Financing Statements may include: 1. Original Financing Statement: This is the primary document filed when a loan is first made, securing the creditor's interest in the collateral. 2. Amendment: An amendment to a UCC1 Financing Statement is filed when there are changes to the initial filing. These changes may include modifying the collateral description, updating debtor information, or extending the filing period. 3. Continuation: A continuation is filed to extend the validity of the original UCC1 Financing Statement beyond its expiration date. This is typically necessary when the loan has not been fully paid off within the initial period (usually five years). 4. Termination: A termination statement is filed when the loan has been fully repaid, or the collateral has been released by the lender. This effectively removes the encumbrance on the collateral and provides notice to other potential creditors that the debtor's assets are no longer secured. It is important for parties involved in lending transactions in Brownsville, Texas, to understand the UCC1 Financing Statement requirements and comply with the applicable laws. Failing to file or maintain an accurate and updated UCC1 Financing Statement can result in the loss of priority in the collateral to other creditors. Therefore, it is recommended to consult with legal professionals or use authorized resources to ensure compliance and protect one's interests.
