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 Oakland Michigan UCC Financing Statement is an essential legal document used to assert a creditor's security interest in personal property as collateral for a loan or credit extension. This statement provides public notice to other potential creditors regarding the creditor's rights to the assets listed in the document. Primarily governed by the Uniform Commercial Code (UCC) adopted in Michigan, the Oakland Michigan UCC Financing Statement plays a vital role in financial transactions, enabling lenders to protect their interests and ensuring transparency in commercial dealings within the Oakland County jurisdiction. The UCC Financing Statement filed in Oakland, Michigan contains various crucial elements to provide comprehensive information about the collateral and the creditor. These key details include: 1. Debtor Information: This section includes the name, address, and other necessary identification details of the debtor (borrower) involved in the transaction. Accuracy in providing this information is pivotal to establish the correct identity of the debtor. 2. Secured Party Information: The UCC Financing Statement also requires the identification details of the secured party (the creditor) involved in the transaction. Including the correct legal name and address of the creditor prevents any confusion or potential challenges to the creditor's claim. 3. Collateral Description: A detailed description of the personal property offered as collateral is a vital component of the UCC Financing Statement. Clear identification of the assets, including their make, model, serial numbers, or any distinguishing features, ensures precise notice to subsequent creditors. 4. Duration of the Filing: The filing duration indicates the period the UCC Financing Statement remains effective. In Michigan, the typical duration is five years. Renewal or amendment of the statement is necessary to continue the creditor's security interest beyond this initial period. Different types of UCC Financing Statements in Oakland, Michigan may include: 1. UCC-1 Financing Statement: This is the most common type, used to establish a creditor's interest in personal property collateral. 2. UCC-3 Financing Statement Amendment: This form is necessary when making modifications or updating the initial UCC Financing Statement. Amendments can include providing additional collateral descriptions, revising debtor's information, or recording partial releases. 3. UCC-5 Information Statement: While not a financing statement, this document is used to provide additional information about a previously filed UCC-1 statement. It may disclose various details, including changes in the debtor's name or the secured party's address. 4. UCC-11 Information Request: This form allows individuals or entities to request information regarding any UCC filings associated with a specific debtor. It helps interested parties determine existing encumbrances on a debtor's assets before entering into financial transactions. In conclusion, the Oakland Michigan UCC Financing Statement is a critical legal document for creditors and debtors involved in commercial transactions. It acts as a notable tool to establish and protect a creditor's security interest in personal property collateral. By adhering to Michigan's UCC regulations, this statement ensures transparency, prevents disputes, and facilitates smooth financial operations within Oakland County.The Oakland Michigan UCC Financing Statement is an essential legal document used to assert a creditor's security interest in personal property as collateral for a loan or credit extension. This statement provides public notice to other potential creditors regarding the creditor's rights to the assets listed in the document. Primarily governed by the Uniform Commercial Code (UCC) adopted in Michigan, the Oakland Michigan UCC Financing Statement plays a vital role in financial transactions, enabling lenders to protect their interests and ensuring transparency in commercial dealings within the Oakland County jurisdiction. The UCC Financing Statement filed in Oakland, Michigan contains various crucial elements to provide comprehensive information about the collateral and the creditor. These key details include: 1. Debtor Information: This section includes the name, address, and other necessary identification details of the debtor (borrower) involved in the transaction. Accuracy in providing this information is pivotal to establish the correct identity of the debtor. 2. Secured Party Information: The UCC Financing Statement also requires the identification details of the secured party (the creditor) involved in the transaction. Including the correct legal name and address of the creditor prevents any confusion or potential challenges to the creditor's claim. 3. Collateral Description: A detailed description of the personal property offered as collateral is a vital component of the UCC Financing Statement. Clear identification of the assets, including their make, model, serial numbers, or any distinguishing features, ensures precise notice to subsequent creditors. 4. Duration of the Filing: The filing duration indicates the period the UCC Financing Statement remains effective. In Michigan, the typical duration is five years. Renewal or amendment of the statement is necessary to continue the creditor's security interest beyond this initial period. Different types of UCC Financing Statements in Oakland, Michigan may include: 1. UCC-1 Financing Statement: This is the most common type, used to establish a creditor's interest in personal property collateral. 2. UCC-3 Financing Statement Amendment: This form is necessary when making modifications or updating the initial UCC Financing Statement. Amendments can include providing additional collateral descriptions, revising debtor's information, or recording partial releases. 3. UCC-5 Information Statement: While not a financing statement, this document is used to provide additional information about a previously filed UCC-1 statement. It may disclose various details, including changes in the debtor's name or the secured party's address. 4. UCC-11 Information Request: This form allows individuals or entities to request information regarding any UCC filings associated with a specific debtor. It helps interested parties determine existing encumbrances on a debtor's assets before entering into financial transactions. In conclusion, the Oakland Michigan UCC Financing Statement is a critical legal document for creditors and debtors involved in commercial transactions. It acts as a notable tool to establish and protect a creditor's security interest in personal property collateral. By adhering to Michigan's UCC regulations, this statement ensures transparency, prevents disputes, and facilitates smooth financial operations within Oakland County.