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 Montgomery Maryland UCC Financing Statement is a legal document that serves as a public record to provide notice of a secured interest in personal property. It is filed with the Montgomery County Clerk's Office and is governed by the Uniform Commercial Code (UCC) rules. A UCC Financing Statement is used when a party wants to secure repayment for a loan or other financial obligation by claiming a security interest in particular assets or collateral owned by the debtor. It is widely used in business and commercial transactions, where lenders want to ensure they have a legal right to the specified personal property in case of default or non-payment. In Montgomery Maryland, the UCC Financing Statement must contain specific information to be valid and effective. It typically includes the names and addresses of both the debtor (borrower) and the secured party (lender). Detailed descriptions of the collateral are necessary, indicating any serial numbers, model numbers, or specific identifying marks. The document must also include important dates and can have an expiration timeframe. The filing office then indexes this information, making it accessible to the public. Several types of UCC Financing Statements can be filed in Montgomery Maryland, depending on the transaction involved: 1. Initial Financing Statement: This is the most common type and is filed at the beginning of a security interest. It provides public notice of the creditor's claim to the collateral against future creditors. 2. Amendment Statement: If any changes occur such as modifying the collateral description, debtor's information, or amendment to any other UCC provision, an amendment statement can be filed to update the previous filing. 3. Assignment Statement: In case of a transfer of rights or interest in the collateral from one secured party to another, an assignment statement is filed to reflect the change in ownership. 4. Continuation Statement: The UCC Financing Statement is usually effective for a limited period, typically five years. A continuation statement extends the filing's duration to ensure the secured party's interests are protected. 5. Termination Statement: Once the secured obligation is fulfilled, and there is no longer any outstanding debt, a termination statement is filed to remove the UCC Financing Statement from public records, signaling the release of the security interest. It is crucial to file the correct type of UCC Financing Statement based on the specific circumstances to accurately document and protect the rights of both the debtor and the secured party. Consulting legal professionals or using online tools provided by the Montgomery Maryland Clerk's Office can simplify the filing process and ensure compliance with all requirements.
