Subject: Transmitting UCC-1 Forms for Loan Closing — Phoenix, Arizona Dear [Lender/Investor's Name], I hope this letter finds you well. We are writing to formally transmit the UCC-1 forms required for the loan closing process, in accordance with the laws and regulations of Phoenix, Arizona. Phoenix, also known as the "Valley of the Sun," is the capital city of Arizona and the fifth-largest city in the United States. Renowned for its warm climate, vibrant culture, and thriving economy, Phoenix offers a plethora of opportunities for businesses and individuals alike. Our company [Your Company's Name] is pleased to have forged a strong partnership with your esteemed institution. We greatly appreciate the trust you have placed in us by providing the necessary funding for our ongoing projects. To ensure compliance with the Uniform Commercial Code (UCC), we have meticulously prepared the UCC-1 forms, which act as a crucial component of the loan closing process. The UCC-1 forms serve as public notices, securing our interests in the Collateral described in the loan agreement. By filing these forms with the Arizona Secretary of State's office, we establish our priority position as a secured party, protecting your investment and our mutual business interests. The UCC-1 forms included with this letter outline the specific assets and collateral that will serve as security for the loan. These assets may include machinery, vehicles, equipment, accounts receivable, and other relevant properties deemed appropriate as mentioned in our loan agreement. For your convenience, we have attached the following UCC-1 forms for review and filing: 1. [Type of Phoenix Arizona Sample UCC-1 Form]: This form includes details of the primary collateral securing the loan, as described in the loan agreement. 2. [Type of Phoenix Arizona Sample UCC-1 Form]: If applicable, this additional form highlights any additional collateral securing the loan, supplementing the first form. Please review the enclosed UCC-1 forms carefully to ensure accuracy and alignment with your records. We kindly request that you file these forms with the appropriate governing authorities promptly to ensure their effectiveness throughout the loan term. Should you require any further assistance or additional information regarding the UCC-1 forms, please do not hesitate to contact our team. We believe that clear communication is vital for a smooth and successful loan closing process. Once again, we express our gratitude for your trust and support in our endeavors. We are confident that together, we will realize shared success and achieve our respective business goals. Thank you for your attention to this matter. We look forward to the continuation of our mutually beneficial partnership. Yours sincerely, [Your Name] [Your Title] [Your Company's Name] [Your Contact Information]
Phoenix Arizona Sample Letter Transmitting UCC-1 Forms for a Loan Closing
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FAQ
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.
1 filing is a legal form that a creditor files to secure its interest in a borrower's property or assets used as collateral for a loan. The filing serves as a public notice that the creditor has the right to take possession of the assets as repayment on the underlying debt.
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
Accordingly, UCC-1 filings are generally filed as soon as the loan is made.
To assist the Bureau, filers may wish to delete this information prior to filing. You may contact the Uniform Commercial Code section by calling (717) 787-1057 option 3, or by mail at: Uniform Commercial Code, PO Box 8721, Harrisburg, PA 17105.
In theory, anyone can file a UCC-1 against anyone else. To protect both secured creditors and debtors, Article 9 has strict requirements that must be met for a filed UCC-1 to be effective. One of those requirements is that the financing statement must be authorized by the debtor.
How to complete a UCC1 (Step by Step) Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
Visit your secretary of state's office. To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.
The Debtor must send an authenticated demand to the secured party. the demand must be sent to the name and address of the secured party found on the financing statement. the secured party has 20 days to either terminate the filing or send a termination statement to the debtor for the debtor to file.
