This document is a schedule to the UCC-1 Financing Statement. It is an inclusive list of all property covered by the financing statement and also contains a section for the borrower's alternative provisions.
Keywords: Collin Texas UCC Schedule, types, detailed description: The Collin Texas UCC Schedule, also known as the Uniform Commercial Code Schedule, is a comprehensive document that outlines and registers various financial transactions and security interests within the county of Collin, Texas. It is a crucial record-keeping tool used to establish priority and protect the rights of secured parties in secured transactions. The primary purpose of the Collin Texas UCC Schedule is to provide public notice of financial obligations and collateral that have been pledged as security for loans or other credit transactions. By filing a UCC statement with the Collin County Clerk's office, lenders, businesses, and individuals can create a legal record of their interests in personal property. There are several types of Collin Texas UCC Schedules that can be filed, depending on the nature of the transaction and the parties involved: 1. Financing Statement: This is the most common type of UCC Schedule, used to record a security interest in personal property by a creditor. By filing a financing statement, the creditor alerts other potential lenders about their claim on the collateral. 2. Amendment: An amendment to a UCC Schedule is filed when there is a need to modify or update the previously recorded information. It may involve correcting errors or updating details about the secured party, debtor, or collateral. 3. Continuation Statement: A continuation statement extends the effectiveness of a filed UCC Schedule for an additional period. Typically, the initial filing is valid for five years, and a continuation statement must be filed before the expiration to maintain the perfected status of the security interest. 4. Termination Statement: Once a loan is paid off, or when there is no further security interest, a termination statement must be filed to release the creditor's claim on the collateral. It ensures that the debtor's property is no longer encumbered. 5. Assignment: This type of UCC Schedule is used when a creditor wants to transfer their security interest to another party. The assignment must be filed to update the public record and provide notice to all relevant parties. Properly filing and maintaining a Collin Texas UCC Schedule is vital for businesses and individuals engaged in secured transactions. It provides a reliable and transparent framework for establishing priority rights and protects the interests of the parties involved.Keywords: Collin Texas UCC Schedule, types, detailed description: The Collin Texas UCC Schedule, also known as the Uniform Commercial Code Schedule, is a comprehensive document that outlines and registers various financial transactions and security interests within the county of Collin, Texas. It is a crucial record-keeping tool used to establish priority and protect the rights of secured parties in secured transactions. The primary purpose of the Collin Texas UCC Schedule is to provide public notice of financial obligations and collateral that have been pledged as security for loans or other credit transactions. By filing a UCC statement with the Collin County Clerk's office, lenders, businesses, and individuals can create a legal record of their interests in personal property. There are several types of Collin Texas UCC Schedules that can be filed, depending on the nature of the transaction and the parties involved: 1. Financing Statement: This is the most common type of UCC Schedule, used to record a security interest in personal property by a creditor. By filing a financing statement, the creditor alerts other potential lenders about their claim on the collateral. 2. Amendment: An amendment to a UCC Schedule is filed when there is a need to modify or update the previously recorded information. It may involve correcting errors or updating details about the secured party, debtor, or collateral. 3. Continuation Statement: A continuation statement extends the effectiveness of a filed UCC Schedule for an additional period. Typically, the initial filing is valid for five years, and a continuation statement must be filed before the expiration to maintain the perfected status of the security interest. 4. Termination Statement: Once a loan is paid off, or when there is no further security interest, a termination statement must be filed to release the creditor's claim on the collateral. It ensures that the debtor's property is no longer encumbered. 5. Assignment: This type of UCC Schedule is used when a creditor wants to transfer their security interest to another party. The assignment must be filed to update the public record and provide notice to all relevant parties. Properly filing and maintaining a Collin Texas UCC Schedule is vital for businesses and individuals engaged in secured transactions. It provides a reliable and transparent framework for establishing priority rights and protects the interests of the parties involved.
