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.
Travis Texas UCC3-AD — Financing Statement is an essential legal document used in the state of Texas to establish a security interest in personal property. It is governed by the Uniform Commercial Code (UCC) in Texas and serves as a public notice to alert potential creditors about the existence of a lien or security interest. The purpose of Travis Texas UCC3-AD — Financing Statement is to protect the rights of lenders or secured parties by providing them with priority over other creditors in case of default or insolvency. By filing this financing statement with the appropriate authority, typically the County Clerk's office, the secured party establishes its legal claim over the debtor's collateral. Keywords: Travis Texas UCC3-AD, Financing Statement, personal property, security interest, Uniform Commercial Code, public notice, lien, secured party, priority, creditors, default, insolvency, filing, County Clerk's office, collateral. In Travis Texas, there are different types of UCC3-AD — Financing Statements that can be used depending on the specific situation. These include: 1. General UCC3-AD Financing Statement: This is the most common type of financing statement used to establish a security interest in any type of personal property owned by the debtor. It should contain relevant information about the secured party, debtor, and a detailed description of the collateral. 2. Amendment UCC3-AD Financing Statement: This type of financing statement is used when a change or correction needs to be made to an existing UCC3-AD statement. It could involve updating the secured party's information, revising the description of the collateral, or terminating the security interest. 3. Continuation UCC3-AD Financing Statement: If the initial financing statement is going to expire due to the lapse of a five-year period from the filing date, the secured party can file a continuation statement to extend the validity of the original filing. This is common when there is an ongoing security interest on the collateral. 4. Termination UCC3-AD Financing Statement: Once the debt has been fully satisfied or released, the secured party can file a termination statement to remove the security interest from the public records. This is necessary to ensure that the debtor's property is no longer encumbered. 5. Partial Release UCC3-AD Financing Statement: In some cases, only a portion of the secured party's interest in the collateral is released. A partial release statement is used to document this partial release while maintaining the security interest in the remaining portion of the collateral. Keywords: General UCC3-AD Financing Statement, Amendment UCC3-AD Financing Statement, Continuation UCC3-AD Financing Statement, Termination UCC3-AD Financing Statement, Partial Release UCC3-AD Financing Statement, specific situation, change, correction, lapse, filing date, validity, satisfaction, release, encumbered.Travis Texas UCC3-AD — Financing Statement is an essential legal document used in the state of Texas to establish a security interest in personal property. It is governed by the Uniform Commercial Code (UCC) in Texas and serves as a public notice to alert potential creditors about the existence of a lien or security interest. The purpose of Travis Texas UCC3-AD — Financing Statement is to protect the rights of lenders or secured parties by providing them with priority over other creditors in case of default or insolvency. By filing this financing statement with the appropriate authority, typically the County Clerk's office, the secured party establishes its legal claim over the debtor's collateral. Keywords: Travis Texas UCC3-AD, Financing Statement, personal property, security interest, Uniform Commercial Code, public notice, lien, secured party, priority, creditors, default, insolvency, filing, County Clerk's office, collateral. In Travis Texas, there are different types of UCC3-AD — Financing Statements that can be used depending on the specific situation. These include: 1. General UCC3-AD Financing Statement: This is the most common type of financing statement used to establish a security interest in any type of personal property owned by the debtor. It should contain relevant information about the secured party, debtor, and a detailed description of the collateral. 2. Amendment UCC3-AD Financing Statement: This type of financing statement is used when a change or correction needs to be made to an existing UCC3-AD statement. It could involve updating the secured party's information, revising the description of the collateral, or terminating the security interest. 3. Continuation UCC3-AD Financing Statement: If the initial financing statement is going to expire due to the lapse of a five-year period from the filing date, the secured party can file a continuation statement to extend the validity of the original filing. This is common when there is an ongoing security interest on the collateral. 4. Termination UCC3-AD Financing Statement: Once the debt has been fully satisfied or released, the secured party can file a termination statement to remove the security interest from the public records. This is necessary to ensure that the debtor's property is no longer encumbered. 5. Partial Release UCC3-AD Financing Statement: In some cases, only a portion of the secured party's interest in the collateral is released. A partial release statement is used to document this partial release while maintaining the security interest in the remaining portion of the collateral. Keywords: General UCC3-AD Financing Statement, Amendment UCC3-AD Financing Statement, Continuation UCC3-AD Financing Statement, Termination UCC3-AD Financing Statement, Partial Release UCC3-AD Financing Statement, specific situation, change, correction, lapse, filing date, validity, satisfaction, release, encumbered.
