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.
A UCC1 Financing Statement is a legal document filed by a secured party to protect their interests in collateral pledged by a debtor. In Plano, Texas, UCC1 Financing Statements are governed by the Uniform Commercial Code (UCC) and provide essential information about the security interest held by the creditor. These statements are crucial in establishing priority among multiple creditors and ensuring that the secured party can recover their debt in case of default. In Plano, Texas, there are different types of UCC1 Financing Statements that can be filed based on the specific situation and collateral involved. These variations include: 1. General UCC1 Financing Statement: This is the most common type, used to secure a broad range of collateral. It requires detailed information about the debtor and secured party, including respective names, addresses, and contact information, as well as a description of the collateral. 2. Fixture Filings: If the collateral consists of goods that have become part of real property, such as machinery or equipment attached to a building, a fixture filing is necessary. It ensures that the secured party's interest extends to these fixtures, even though they are affixed to the property. 3. Public-Finance Transaction Filings: These UCC1 Financing Statements are filed by governmental entities for public financing transactions. They cover collateral such as tax liens, revenue anticipation notes, or bonds. These filings serve to protect the government's interest in its financing arrangements. 4. Agricultural Liens: UCC1 Financing Statements for agricultural liens are filed when the collateral involves agricultural assets, typically crops, livestock, or farming equipment. These statements allow agricultural lenders to assert their priority rights in these specific types of collateral. 5. Secured Transactions involving Intellectual Property: When the collateral involves intellectual property assets such as patents, trademarks, or copyrights, an Intellectual Property Security Agreement is filed alongside the UCC1 Financing Statement. This agreement provides specific details about the intellectual property and ensures the secured party's interest is properly recognized. It is crucial to file the appropriate type of Plano Texas UCC1 Financing Statement accurately, as mistakes or incomplete information could lead to challenges or loss of priority in the event of competing claims. Understanding the specific type of collateral and following the requirements outlined in the UCC is essential for both debtors and secured parties to protect their interests in Plano, Texas.A UCC1 Financing Statement is a legal document filed by a secured party to protect their interests in collateral pledged by a debtor. In Plano, Texas, UCC1 Financing Statements are governed by the Uniform Commercial Code (UCC) and provide essential information about the security interest held by the creditor. These statements are crucial in establishing priority among multiple creditors and ensuring that the secured party can recover their debt in case of default. In Plano, Texas, there are different types of UCC1 Financing Statements that can be filed based on the specific situation and collateral involved. These variations include: 1. General UCC1 Financing Statement: This is the most common type, used to secure a broad range of collateral. It requires detailed information about the debtor and secured party, including respective names, addresses, and contact information, as well as a description of the collateral. 2. Fixture Filings: If the collateral consists of goods that have become part of real property, such as machinery or equipment attached to a building, a fixture filing is necessary. It ensures that the secured party's interest extends to these fixtures, even though they are affixed to the property. 3. Public-Finance Transaction Filings: These UCC1 Financing Statements are filed by governmental entities for public financing transactions. They cover collateral such as tax liens, revenue anticipation notes, or bonds. These filings serve to protect the government's interest in its financing arrangements. 4. Agricultural Liens: UCC1 Financing Statements for agricultural liens are filed when the collateral involves agricultural assets, typically crops, livestock, or farming equipment. These statements allow agricultural lenders to assert their priority rights in these specific types of collateral. 5. Secured Transactions involving Intellectual Property: When the collateral involves intellectual property assets such as patents, trademarks, or copyrights, an Intellectual Property Security Agreement is filed alongside the UCC1 Financing Statement. This agreement provides specific details about the intellectual property and ensures the secured party's interest is properly recognized. It is crucial to file the appropriate type of Plano Texas UCC1 Financing Statement accurately, as mistakes or incomplete information could lead to challenges or loss of priority in the event of competing claims. Understanding the specific type of collateral and following the requirements outlined in the UCC is essential for both debtors and secured parties to protect their interests in Plano, Texas.