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 Wake North Carolina UCC Financing Statement is a legal document that serves to provide notice to interested parties about secured interests in personal property or assets. It is typically filed with the Wake North Carolina County Register of Deeds office. This statement is governed by the Uniform Commercial Code (UCC), a set of standardized laws adopted by all states to regulate commercial transactions and protect the rights of both borrowers and lenders. The Wake North Carolina UCC Financing Statement is an essential tool for lenders, as it establishes their priority and security interest in collateral provided by a borrower to secure a loan. By filing this statement, lenders protect their rights to recover the loan amount by accessing and selling the collateral in case of a default. Furthermore, it informs other potential creditors or interested parties about the existing security interest, allowing them to make informed decisions before entering into any new transactions. Keyword: Wake North Carolina UCC Financing Statement The Wake North Carolina UCC Financing Statement has various types depending on the specific transaction or scenario. Some common types include: 1. Original Financing Statement: This is the initial filing made by a lender to establish a security interest in the borrower's collateral. It contains detailed information about the debtor, secured party, collateral description, and other essential details. 2. Amendment: An amendment is filed when changes or modifications need to be made to the original financing statement. It can include adding or removing collateral, updating debtor or secured party information, or correcting any errors in the original filing. 3. Continuation Statement: A continuation statement is filed to extend the duration of the original financing statement. The UCC imposes a five-year expiration period on financing statements, after which they become ineffective. To stay effective and maintain priority over other creditors, lenders can file a continuation statement within a specific timeframe before the expiration date. 4. Termination Statement: A termination statement is filed by the secured party to formally declare the release or satisfaction of the security interest. It removes the filed UCC financing statement from public records and notifies interested parties that the collateral is no longer encumbered. By utilizing the Wake North Carolina UCC Financing Statement and its various types, lenders and borrowers can establish secure and transparent transactions while protecting their interests and complying with the UCC regulations.
