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.
The Hennepin Minnesota UCC Financing Statement is a legal document filed to secure a creditor's interest in personal property as collateral for a loan. It establishes a creditor's priority rights over other potential claimants in case of default or bankruptcy. In Hennepin County, Minnesota, UCC Financing Statements fall under the Uniform Commercial Code (UCC), a set of standardized regulations applied nationwide. These statements provide a comprehensive record of a secured transaction, fully disclosing the terms and conditions of the collateralized debt. Hennepin Minnesota UCC Financing Statements consist of several key components. Firstly, they include the debtor's and secured party's information to identify the parties involved in the transaction. The debtor is the individual or business who owes the debt, while the secured party is the creditor seeking to secure the loan. Additionally, the Hennepin Minnesota UCC Financing Statement describes the collateral being used as security. Collateral can be tangible assets such as vehicles, equipment, or inventory, or intangible assets like accounts receivable, patents, or rights to collect payments from contracts. The UCC Financing Statement specifies the duration of the secured interest. In Minnesota, the standard period is five years from the filing date, but it can be extended by filing a continuation statement before the expiration date. Furthermore, the Hennepin Minnesota UCC Financing Statement includes a description of any other filings or liens against the debtor's property. This information helps potential creditors determine the priority of their claims. Different types of Hennepin Minnesota UCC Financing Statements may include: 1. Initial Financing Statement: Filed when a creditor wants to establish their interest in the debtor's collateral for the first time. 2. Amendment Financing Statement: Submitted to modify or update the information provided in the original filing, whether it is changing the debtor's name, adding or deleting collateral, or correcting any errors. 3. Assignment Financing Statement: Filed to inform that a secured party has assigned their interest in the debtor's collateral to another party. 4. Termination of Financing Statement: Submitted once the obligation has been satisfied, releasing the debtor's property from the creditor's security interest. It is crucial to file the Hennepin Minnesota UCC Financing Statement with the Secretary of State's office or another authorized filing office, ensuring its public record availability. Proper filing ensures that creditors and other parties have access to accurate and up-to-date information regarding the debtor's secured interests.The Hennepin Minnesota UCC Financing Statement is a legal document filed to secure a creditor's interest in personal property as collateral for a loan. It establishes a creditor's priority rights over other potential claimants in case of default or bankruptcy. In Hennepin County, Minnesota, UCC Financing Statements fall under the Uniform Commercial Code (UCC), a set of standardized regulations applied nationwide. These statements provide a comprehensive record of a secured transaction, fully disclosing the terms and conditions of the collateralized debt. Hennepin Minnesota UCC Financing Statements consist of several key components. Firstly, they include the debtor's and secured party's information to identify the parties involved in the transaction. The debtor is the individual or business who owes the debt, while the secured party is the creditor seeking to secure the loan. Additionally, the Hennepin Minnesota UCC Financing Statement describes the collateral being used as security. Collateral can be tangible assets such as vehicles, equipment, or inventory, or intangible assets like accounts receivable, patents, or rights to collect payments from contracts. The UCC Financing Statement specifies the duration of the secured interest. In Minnesota, the standard period is five years from the filing date, but it can be extended by filing a continuation statement before the expiration date. Furthermore, the Hennepin Minnesota UCC Financing Statement includes a description of any other filings or liens against the debtor's property. This information helps potential creditors determine the priority of their claims. Different types of Hennepin Minnesota UCC Financing Statements may include: 1. Initial Financing Statement: Filed when a creditor wants to establish their interest in the debtor's collateral for the first time. 2. Amendment Financing Statement: Submitted to modify or update the information provided in the original filing, whether it is changing the debtor's name, adding or deleting collateral, or correcting any errors. 3. Assignment Financing Statement: Filed to inform that a secured party has assigned their interest in the debtor's collateral to another party. 4. Termination of Financing Statement: Submitted once the obligation has been satisfied, releasing the debtor's property from the creditor's security interest. It is crucial to file the Hennepin Minnesota UCC Financing Statement with the Secretary of State's office or another authorized filing office, ensuring its public record availability. Proper filing ensures that creditors and other parties have access to accurate and up-to-date information regarding the debtor's secured interests.