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.
Killeen Texas UCC3-AD — Financing Statement: A Detailed Description and Different Types The Killeen Texas UCC3-AD — Financing Statement is a legal document that serves as notice to potential creditors regarding a security interest in specific collateral. Under the Uniform Commercial Code (UCC) Article 9 provisions, this statement is filed to provide information about the secured party, debtor, and the collateral against which a loan or credit has been extended. Key Features of Killeen Texas UCC3-AD — Financing Statement: 1. Purpose: The primary purpose of a Killeen Texas UCC3-AD — Financing Statement is to establish the priority of a secured party's interest in the collateral. It ensures that all interested parties, including other potential creditors, are made aware of the existing security interest. 2. Components: The Killeen Texas UCC3-AD — Financing Statement contains several essential components: a. Debtor Information: This includes the legal name and address of the debtor who owes the obligation or carries the collateral subject to the security interest. b. Secured Party Information: The name and address of the secured party (lender) who holds an interest in the collateral and has provided financing to the debtor. c. Collateral Description: Precise details about the collateral securing the obligation, such as its type, quantity, serial numbers (if applicable), or other specific identifiers necessary for clear identification. d. Financing Statement Details: This section includes specific information regarding the duration of the financing statement, which is typically valid for a specific period of time but can be extended if necessary. 3. Types of Killeen Texas UCC3-AD — Financing Statement: a. Original Financing Statement: This type of Killeen Texas UCC3-AD — Financing Statement is filed by the secured party to initiate and establish their priority interest in the collateral. It is typically filed at the Secretary of State's office or the appropriate filing entity. b. Amendment Financing Statement: When any changes or modifications occur regarding the debtor, secured party, or collateral information mentioned in the original financing statement, an amendment financing statement is filed. This ensures the accuracy and effectiveness of the security interest in light of the changes. c. Termination Statement: Once the obligation has been fully satisfied or the security interest is no longer valid, a termination statement is filed to terminate the Killeen Texas UCC3-AD — Financing Statement. This action removes the security interest from public record, signaling the release of the collateral. The Killeen Texas UCC3-AD — Financing Statement is a critical instrument to protect both parties involved in a secured transaction. By providing a public record of the security interest, it promotes transparency and helps potential creditors determine the priority of their claims. It is essential for secured parties and debtors in Killeen, Texas, to understand the importance of filing this statement accurately and timely to safeguard their interests effectively.Killeen Texas UCC3-AD — Financing Statement: A Detailed Description and Different Types The Killeen Texas UCC3-AD — Financing Statement is a legal document that serves as notice to potential creditors regarding a security interest in specific collateral. Under the Uniform Commercial Code (UCC) Article 9 provisions, this statement is filed to provide information about the secured party, debtor, and the collateral against which a loan or credit has been extended. Key Features of Killeen Texas UCC3-AD — Financing Statement: 1. Purpose: The primary purpose of a Killeen Texas UCC3-AD — Financing Statement is to establish the priority of a secured party's interest in the collateral. It ensures that all interested parties, including other potential creditors, are made aware of the existing security interest. 2. Components: The Killeen Texas UCC3-AD — Financing Statement contains several essential components: a. Debtor Information: This includes the legal name and address of the debtor who owes the obligation or carries the collateral subject to the security interest. b. Secured Party Information: The name and address of the secured party (lender) who holds an interest in the collateral and has provided financing to the debtor. c. Collateral Description: Precise details about the collateral securing the obligation, such as its type, quantity, serial numbers (if applicable), or other specific identifiers necessary for clear identification. d. Financing Statement Details: This section includes specific information regarding the duration of the financing statement, which is typically valid for a specific period of time but can be extended if necessary. 3. Types of Killeen Texas UCC3-AD — Financing Statement: a. Original Financing Statement: This type of Killeen Texas UCC3-AD — Financing Statement is filed by the secured party to initiate and establish their priority interest in the collateral. It is typically filed at the Secretary of State's office or the appropriate filing entity. b. Amendment Financing Statement: When any changes or modifications occur regarding the debtor, secured party, or collateral information mentioned in the original financing statement, an amendment financing statement is filed. This ensures the accuracy and effectiveness of the security interest in light of the changes. c. Termination Statement: Once the obligation has been fully satisfied or the security interest is no longer valid, a termination statement is filed to terminate the Killeen Texas UCC3-AD — Financing Statement. This action removes the security interest from public record, signaling the release of the collateral. The Killeen Texas UCC3-AD — Financing Statement is a critical instrument to protect both parties involved in a secured transaction. By providing a public record of the security interest, it promotes transparency and helps potential creditors determine the priority of their claims. It is essential for secured parties and debtors in Killeen, Texas, to understand the importance of filing this statement accurately and timely to safeguard their interests effectively.
