This Uniform Commercial Code form, a UCC3-AD - Financing Statement - Texas, is for use in the documentation of personal property as collateral for a loan, and related matters.
Austin Texas UCC3-AD — Financing Statement is a legal document filed under the Uniform Commercial Code (UCC) in the state of Texas to provide public notice of a secured party's interest in personal property. This document is typically used for securing loans or credit transactions where personal property serves as collateral. The UCC3-AD — Financing Statement includes various essential details, such as the debtor's and secured party's information. The debtor is the person or entity who owes payment or other performance of the secured obligation, while the secured party is the person or entity with a security interest in the collateral. Additionally, it includes the description of the collateral, which can range from tangible assets like equipment, inventory, or vehicles to intangible assets like patents, trademarks, or accounts receivable. The purpose of the Austin Texas UCC3-AD — Financing Statement is twofold. Firstly, it acts as a public record of the secured party's interest, providing notice to other potential creditors or interested parties that there is an existing security interest. This ensures that multiple parties cannot claim the same collateral for their debts. Secondly, it establishes priority among multiple secured parties. The first to file usually gets priority in the event of default or bankruptcy. It is important to note that there may not be different types of Austin Texas UCC3-AD — Financing Statement. However, variations can occur in terms of the specific information provided, such as debtor names, secured party names, and collateral descriptions. These variations may depend on the nature of the transaction, the complexity of the collateral involved, or specific requirements of the filing office. In summary, the Austin Texas UCC3-AD — Financing Statement is a legal document filed under the UCC in Texas that serves as public notice of a secured party's interest in personal property. It is a vital tool to establish priority and prevent competing claims over collateral in credit transactions.
