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.
Irving Texas UCC1 Financing Statement is an essential legal document filed by a creditor to establish their priority interest in specific personal property pledged as collateral by a debtor in Irving, Texas. This statement is filed with the Texas Secretary of State's office and falls under the Uniform Commercial Code (UCC) regulations. The purpose of an Irving Texas UCC1 Financing Statement is to inform other potential creditors and interested parties about the creditor's secured interest in the debtor's collateral. By filing the UCC1 Financing Statement, the creditor ensures that their claim takes priority over other potential claims on the same collateral. Keywords: Irving, Texas, UCC1 Financing Statement, creditor, priority interest, personal property, collateral, debtor, Texas Secretary of State, Uniform Commercial Code, UCC, creditors, secured interest, potential claims. There are various types of Irving Texas UCC1 Financing Statements, each serving a specific purpose depending on the situation: 1. Initial Financing Statement: This is the most common type of UCC1 financing statement. It establishes a creditor's priority interest in the debtor's collateral for the first time. 2. Amendment Financing Statement: This type of UCC1 financing statement is used to modify or amend certain information on the initial financing statement. It can include changes in terms, collateral amendments, or debtor information updates. 3. Assignment Financing Statement: When a creditor transfers their rights and interest in a secured transaction to another party, they file an assignment financing statement to reflect the transfer. This informs others of the new secured party's interest. 4. Continuation Financing Statement: The initial financing statement has a limited duration. To ensure the creditor's interest remains valid, they can file a continuation financing statement before the expiration date. This extends the original filing's effectiveness. 5. Termination Financing Statement: Once a debt is fully paid or the creditor no longer has a secured interest in the collateral, they file a termination financing statement. This removes the UCC1 filing from public record, indicating the release of the creditor's claim on the collateral. Keywords: Initial Financing Statement, Amendment Financing Statement, Assignment Financing Statement, Continuation Financing Statement, Termination Financing Statement, creditor, priority interest, collateral, debtor, UCC1 filing. Proper understanding and utilization of the Irving Texas UCC1 Financing Statement are crucial for both creditors and debtors involved in secured transactions in Irving, Texas. It ensures transparency and clarity in the ownership and priority interests over pledged collateral.Irving Texas UCC1 Financing Statement is an essential legal document filed by a creditor to establish their priority interest in specific personal property pledged as collateral by a debtor in Irving, Texas. This statement is filed with the Texas Secretary of State's office and falls under the Uniform Commercial Code (UCC) regulations. The purpose of an Irving Texas UCC1 Financing Statement is to inform other potential creditors and interested parties about the creditor's secured interest in the debtor's collateral. By filing the UCC1 Financing Statement, the creditor ensures that their claim takes priority over other potential claims on the same collateral. Keywords: Irving, Texas, UCC1 Financing Statement, creditor, priority interest, personal property, collateral, debtor, Texas Secretary of State, Uniform Commercial Code, UCC, creditors, secured interest, potential claims. There are various types of Irving Texas UCC1 Financing Statements, each serving a specific purpose depending on the situation: 1. Initial Financing Statement: This is the most common type of UCC1 financing statement. It establishes a creditor's priority interest in the debtor's collateral for the first time. 2. Amendment Financing Statement: This type of UCC1 financing statement is used to modify or amend certain information on the initial financing statement. It can include changes in terms, collateral amendments, or debtor information updates. 3. Assignment Financing Statement: When a creditor transfers their rights and interest in a secured transaction to another party, they file an assignment financing statement to reflect the transfer. This informs others of the new secured party's interest. 4. Continuation Financing Statement: The initial financing statement has a limited duration. To ensure the creditor's interest remains valid, they can file a continuation financing statement before the expiration date. This extends the original filing's effectiveness. 5. Termination Financing Statement: Once a debt is fully paid or the creditor no longer has a secured interest in the collateral, they file a termination financing statement. This removes the UCC1 filing from public record, indicating the release of the creditor's claim on the collateral. Keywords: Initial Financing Statement, Amendment Financing Statement, Assignment Financing Statement, Continuation Financing Statement, Termination Financing Statement, creditor, priority interest, collateral, debtor, UCC1 filing. Proper understanding and utilization of the Irving Texas UCC1 Financing Statement are crucial for both creditors and debtors involved in secured transactions in Irving, Texas. It ensures transparency and clarity in the ownership and priority interests over pledged collateral.
