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 San Antonio Texas UCC1 Financing Statement is a legal document that provides notice to potential creditors of a debtor's interest in personal property. The Uniform Commercial Code (UCC) governs this type of filing, which is commonly used in commercial transactions. The purpose of the UCC1 Financing Statement is to establish a priority claim on the debtor's assets in case of default or bankruptcy. By filing this statement with the appropriate authority, usually the Texas Secretary of State's office, the creditor alerts other potential creditors that they have a secured interest in specific personal property of the debtor. This helps the creditor ensure that they are first in line to recover their debt from the proceeds of the debtor's assets. The UCC1 Financing Statement contains various important details, including the debtor's name, address, and social security number or employer identification number. It also includes the creditor's name and address, as well as a comprehensive description of the collateral, which is the personal property securing the debt. In San Antonio, Texas, there are no specific variations or different types of UCC1 Financing Statements. The UCC1 form is standardized across the state and is used universally for filing financing statements. However, there may be variations in the filing procedures specific to the local jurisdiction, such as the designated filing office and associated fees. It is important to note that the UCC1 Financing Statement does not establish a legal relationship between the debtor and the creditors. Instead, it serves as a public notice to other potential creditors that specific personal property is already encumbered by a prior secured party. This assists in determining the order of priority in case the debtor defaults on their obligations. In summary, the San Antonio Texas UCC1 Financing Statement is a standardized legal document used to notify potential creditors of a debtor's encumbered personal property. By filing this statement, creditors establish their priority claim on the assets of the debtor, creating a level of security in commercial transactions.The San Antonio Texas UCC1 Financing Statement is a legal document that provides notice to potential creditors of a debtor's interest in personal property. The Uniform Commercial Code (UCC) governs this type of filing, which is commonly used in commercial transactions. The purpose of the UCC1 Financing Statement is to establish a priority claim on the debtor's assets in case of default or bankruptcy. By filing this statement with the appropriate authority, usually the Texas Secretary of State's office, the creditor alerts other potential creditors that they have a secured interest in specific personal property of the debtor. This helps the creditor ensure that they are first in line to recover their debt from the proceeds of the debtor's assets. The UCC1 Financing Statement contains various important details, including the debtor's name, address, and social security number or employer identification number. It also includes the creditor's name and address, as well as a comprehensive description of the collateral, which is the personal property securing the debt. In San Antonio, Texas, there are no specific variations or different types of UCC1 Financing Statements. The UCC1 form is standardized across the state and is used universally for filing financing statements. However, there may be variations in the filing procedures specific to the local jurisdiction, such as the designated filing office and associated fees. It is important to note that the UCC1 Financing Statement does not establish a legal relationship between the debtor and the creditors. Instead, it serves as a public notice to other potential creditors that specific personal property is already encumbered by a prior secured party. This assists in determining the order of priority in case the debtor defaults on their obligations. In summary, the San Antonio Texas UCC1 Financing Statement is a standardized legal document used to notify potential creditors of a debtor's encumbered personal property. By filing this statement, creditors establish their priority claim on the assets of the debtor, creating a level of security in commercial transactions.