King Washington Financing Statement

• Category: Contracts - Sale of Goods
• State: Multi-State
• County: King
• Control #: US-01693-AZ
• Format: Word; Rich Text

Description

This form is a UCC financing statement, used to record a security interest on personal property. King Washington Financing Statement is a legal document that serves as a public record to announce a lender's security interest in an individual's personal property or a business's assets. It is typically used in the United States and follows the provisions of the Uniform Commercial Code (UCC). This document ensures that lenders have a legal claim to the specified collateral provided by the debtor if they default on their loan or financial obligations. The King Washington Financing Statement is a vital tool for the lender to protect their financial interests as well as to provide transparency for potential future lenders. This document provides detailed information about the debtor, the lender, and the collateral involved. It is filed with the appropriate state or local agency, commonly the Secretary of State's office, to make the information accessible to interested parties. The content of a King Washington Financing Statement typically includes key details such as the debtor's name and address, the lender's name and address, a description of the collateral, and the duration of the financing statement. The collateral description should be specific enough to give notice to other potential creditors but not so overly detailed that it becomes burdensome for the lender. There are different types of King Washington Financing Statements based on the nature of the secured collateral or the specific purpose of the transaction. These include: 1. General King Washington Financing Statement: This is the most common type and covers a broad range of personal property or assets. It is used when the debtor is pledging a variety of collateral to secure a loan. 2. Specific Collateral King Washington Financing Statement: This type is used when the lender seeks to secure a loan against a specific item or asset. For example, a lender may finance the purchase of a vehicle and file a financing statement that specifically describes that vehicle as collateral. 3. Purchase Money Security Interest (PSI) King Washington Financing Statement: This type is used when a lender provides funds to enable the debtor to purchase specific collateral, such as equipment or inventory, and seeks priority over other creditors. It is often used in commercial transactions where the collateral may be essential to the debtor's operations. In conclusion, the King Washington Financing Statement is a crucial legal document that protects the lender's interests by publicly announcing their security interest in the debtor's collateral. It comes in various types such as general, specific collateral, and purchase money security interest financing statements. These filings ensure transparency, provide notice to other potential creditors, and establish priority in case of default or insolvency. Properly filing this document is essential for lenders to protect their financial rights and security interests.

King Washington Financing Statement is a legal document that serves as a public record to announce a lender's security interest in an individual's personal property or a business's assets. It is typically used in the United States and follows the provisions of the Uniform Commercial Code (UCC). This document ensures that lenders have a legal claim to the specified collateral provided by the debtor if they default on their loan or financial obligations. The King Washington Financing Statement is a vital tool for the lender to protect their financial interests as well as to provide transparency for potential future lenders. This document provides detailed information about the debtor, the lender, and the collateral involved. It is filed with the appropriate state or local agency, commonly the Secretary of State's office, to make the information accessible to interested parties. The content of a King Washington Financing Statement typically includes key details such as the debtor's name and address, the lender's name and address, a description of the collateral, and the duration of the financing statement. The collateral description should be specific enough to give notice to other potential creditors but not so overly detailed that it becomes burdensome for the lender. There are different types of King Washington Financing Statements based on the nature of the secured collateral or the specific purpose of the transaction. These include: 1. General King Washington Financing Statement: This is the most common type and covers a broad range of personal property or assets. It is used when the debtor is pledging a variety of collateral to secure a loan. 2. Specific Collateral King Washington Financing Statement: This type is used when the lender seeks to secure a loan against a specific item or asset. For example, a lender may finance the purchase of a vehicle and file a financing statement that specifically describes that vehicle as collateral. 3. Purchase Money Security Interest (PSI) King Washington Financing Statement: This type is used when a lender provides funds to enable the debtor to purchase specific collateral, such as equipment or inventory, and seeks priority over other creditors. It is often used in commercial transactions where the collateral may be essential to the debtor's operations. In conclusion, the King Washington Financing Statement is a crucial legal document that protects the lender's interests by publicly announcing their security interest in the debtor's collateral. It comes in various types such as general, specific collateral, and purchase money security interest financing statements. These filings ensure transparency, provide notice to other potential creditors, and establish priority in case of default or insolvency. Properly filing this document is essential for lenders to protect their financial rights and security interests.