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.
Frisco Texas UCC3-AD — Financing Statement is an important legal document used in Frisco, Texas, for recording security interests in personal property. It is governed by the Uniform Commercial Code (UCC) adopted by the State of Texas to provide a framework for commercial transactions. This detailed description will shed light on the purpose, functions, and types of Frisco Texas UCC3-AD — Financing Statement. The Frisco Texas UCC3-AD — Financing Statement serves as a public notice that a party has a security interest or lien on personal property of another party. This statement is typically filed with the Frisco County Clerk's Office and can be accessed by the public, lenders, and other interested parties. The purpose of the UCC3-AD — Financing Statement is to establish priority among competing claims on a debtor's assets, ensuring transparency and facilitating lending and secured transactions. Keywords: Frisco Texas, UCC3-AD, Financing Statement, legal document, recording, security interests, personal property, Uniform Commercial Code, State of Texas, commercial transactions, public notice, security interest, lien, Frisco County Clerk's Office, priority, competing claims, debtor's assets, transparency, lending, secured transactions. Types of Frisco Texas UCC3-AD — Financing Statement: 1. Initial Financing Statement: This type of statement is filed when a party first establishes a security interest in personal property. It provides relevant information about both the debtor and the secured party, including names, addresses, and descriptions of the collateral involved. The initial financing statement is effective for a specific period, typically five years, after which it may need to be renewed to maintain its validity. 2. Amended Financing Statement: An amended financing statement is filed if any changes or modifications occur after the initial filing. These changes may include amendments to the debtor's name, address, or changes in the collateral itself. Amending the financing statement ensures that the information on record remains accurate and up to date. 3. Continuation Statement: A continuation statement is filed to extend the effectiveness of the initial financing statement. Typically, this is done when the original statement is approaching its expiration date. By filing a continuation statement, the secured party can maintain priority over competing claims for an additional period, usually five years. 4. Termination Statement: A termination statement is filed when a security interest in personal property has been fully satisfied or released. It serves as a public record that the security interest is no longer valid and ensures that future lenders or parties interested in the collateral are aware of its release. Keywords: Types, Initial Financing Statement, Amended Financing Statement, Continuation Statement, Termination Statement, security interest, personal property, collateral, validity, amendments, accuracy, expiration date, priority, release. Understanding Frisco Texas UCC3-AD — Financing Statement and its different types is crucial for businesses, lenders, and individuals engaging in secured transactions. By following the guidelines set by the Uniform Commercial Code, parties can ensure transparency, protect their interests, and maintain the integrity of the financing process.Frisco Texas UCC3-AD — Financing Statement is an important legal document used in Frisco, Texas, for recording security interests in personal property. It is governed by the Uniform Commercial Code (UCC) adopted by the State of Texas to provide a framework for commercial transactions. This detailed description will shed light on the purpose, functions, and types of Frisco Texas UCC3-AD — Financing Statement. The Frisco Texas UCC3-AD — Financing Statement serves as a public notice that a party has a security interest or lien on personal property of another party. This statement is typically filed with the Frisco County Clerk's Office and can be accessed by the public, lenders, and other interested parties. The purpose of the UCC3-AD — Financing Statement is to establish priority among competing claims on a debtor's assets, ensuring transparency and facilitating lending and secured transactions. Keywords: Frisco Texas, UCC3-AD, Financing Statement, legal document, recording, security interests, personal property, Uniform Commercial Code, State of Texas, commercial transactions, public notice, security interest, lien, Frisco County Clerk's Office, priority, competing claims, debtor's assets, transparency, lending, secured transactions. Types of Frisco Texas UCC3-AD — Financing Statement: 1. Initial Financing Statement: This type of statement is filed when a party first establishes a security interest in personal property. It provides relevant information about both the debtor and the secured party, including names, addresses, and descriptions of the collateral involved. The initial financing statement is effective for a specific period, typically five years, after which it may need to be renewed to maintain its validity. 2. Amended Financing Statement: An amended financing statement is filed if any changes or modifications occur after the initial filing. These changes may include amendments to the debtor's name, address, or changes in the collateral itself. Amending the financing statement ensures that the information on record remains accurate and up to date. 3. Continuation Statement: A continuation statement is filed to extend the effectiveness of the initial financing statement. Typically, this is done when the original statement is approaching its expiration date. By filing a continuation statement, the secured party can maintain priority over competing claims for an additional period, usually five years. 4. Termination Statement: A termination statement is filed when a security interest in personal property has been fully satisfied or released. It serves as a public record that the security interest is no longer valid and ensures that future lenders or parties interested in the collateral are aware of its release. Keywords: Types, Initial Financing Statement, Amended Financing Statement, Continuation Statement, Termination Statement, security interest, personal property, collateral, validity, amendments, accuracy, expiration date, priority, release. Understanding Frisco Texas UCC3-AD — Financing Statement and its different types is crucial for businesses, lenders, and individuals engaging in secured transactions. By following the guidelines set by the Uniform Commercial Code, parties can ensure transparency, protect their interests, and maintain the integrity of the financing process.
