This is the "National UCC Finanacing Statement," and it is an American Lawyer Media form. It contains an acknowledgement copy, a debtor copy, a search request copy, and the secured party's copy.
Chicago Illinois UCC Financing Statement is a legal document used by creditors to establish their security interest in personal property of a debtor. Under the Uniform Commercial Code (UCC), which regulates commercial transactions in the United States, this filing acts as a public notice of a creditor's claim over specific collateral. It is crucial in securing a creditor's position in case of a default or bankruptcy. The UCC Financing Statement in Chicago, Illinois is filed with the Illinois Secretary of State's office or the appropriate county clerk's office. It contains important information about both the debtor and the creditor, including their names and addresses. The statement also describes the collateral in which the creditor has an interest. There are several types of UCC Financing Statements that can be filed in Chicago, Illinois, depending on the nature of the transaction. Here are some examples: 1. UCC-1 Financing Statement: This is the most common type of filing and covers a wide range of commercial transactions, including loans, leases, security agreements, and sales of goods on credit. 2. UCC-3 Financing Statement Amendment: When there is a need to modify an existing Financing Statement, an amendment filing is made. This can include adding or removing collateral, updating debtor or creditor information, or extending the filing period. 3. UCC-5 Information Statement: This type of statement is used to provide additional information about the debtor or the creditor's security interest. It does not affect the validity or priority of the original filing but can be used to provide supplementary details. Chicago Illinois UCC Financing Statements are time-sensitive and have a finite duration. Typically, they are effective for five years from the date of filing. However, it is important to renew the filing before expiration to maintain priority over other creditors. Creditors rely on Chicago Illinois UCC Financing Statements to protect their interests and establish priority rights in case of default or insolvency. These filings enable them to recover debts by liquidating the collateral specified in the statement. Potential creditors often search these statements before entering into a lending or leasing agreement to assess any prior interests over the collateral. In summary, the Chicago Illinois UCC Financing Statement is a legal filing that ensures the rights of creditors in regard to personal property collateral. It establishes a public record of the creditor's claim, providing important information for parties involved in commercial transactions and protecting their interests.
