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.
The Houston Texas UCC1 Financing Statement refers to a legal document filed by a creditor in Houston, Texas, as a means to secure their interest in personal property as collateral for a loan. This statement is one of the most common forms used in the Uniform Commercial Code (UCC) system, which governs commercial transactions in the United States. The purpose of the Houston Texas UCC1 Financing Statement is to give public notice to other potential creditors that the creditor filing the statement has a security interest in the specified property. By filing this document with the appropriate state or local agency, the creditor establishes a priority claim on the collateral in case of default or bankruptcy. The UCC1 Financing Statement typically includes key information such as the debtor's name and address, the creditor's name and address, a description of the collateral, and the duration of the security interest. The debtor's name is crucial for identifying the party obligated to repay the debt and allowing other creditors to search for existing liens against the debtor. It is important to note that the Houston Texas UCC1 Financing Statement is not limited to a single type. Rather, it serves as a standardized form that can be used for various financing transactions, including loans, leases, sales of accounts receivable, and consignments. The type of transaction determines the specific details captured in the UCC1 statement. For example, if a creditor is extending a loan to a borrower in Houston, they will file a UCC1 Financing Statement specifying the loan amount, interest rate, and terms, as well as the collateral offered by the borrower to secure the loan. Similarly, a business selling goods on credit might file a UCC1 statement to establish their security interest in the accounts receivable generated from those sales. Overall, the Houston Texas UCC1 Financing Statement is a crucial legal document used to protect a creditor's interest in personal property and ensure transparency in commercial transactions within Houston, Texas. By filing this statement, creditors can uphold their rights in case of default and minimize the risk of losing their collateral.The Houston Texas UCC1 Financing Statement refers to a legal document filed by a creditor in Houston, Texas, as a means to secure their interest in personal property as collateral for a loan. This statement is one of the most common forms used in the Uniform Commercial Code (UCC) system, which governs commercial transactions in the United States. The purpose of the Houston Texas UCC1 Financing Statement is to give public notice to other potential creditors that the creditor filing the statement has a security interest in the specified property. By filing this document with the appropriate state or local agency, the creditor establishes a priority claim on the collateral in case of default or bankruptcy. The UCC1 Financing Statement typically includes key information such as the debtor's name and address, the creditor's name and address, a description of the collateral, and the duration of the security interest. The debtor's name is crucial for identifying the party obligated to repay the debt and allowing other creditors to search for existing liens against the debtor. It is important to note that the Houston Texas UCC1 Financing Statement is not limited to a single type. Rather, it serves as a standardized form that can be used for various financing transactions, including loans, leases, sales of accounts receivable, and consignments. The type of transaction determines the specific details captured in the UCC1 statement. For example, if a creditor is extending a loan to a borrower in Houston, they will file a UCC1 Financing Statement specifying the loan amount, interest rate, and terms, as well as the collateral offered by the borrower to secure the loan. Similarly, a business selling goods on credit might file a UCC1 statement to establish their security interest in the accounts receivable generated from those sales. Overall, the Houston Texas UCC1 Financing Statement is a crucial legal document used to protect a creditor's interest in personal property and ensure transparency in commercial transactions within Houston, Texas. By filing this statement, creditors can uphold their rights in case of default and minimize the risk of losing their collateral.