UCC1 - Financing Statement - Washington - This form is a financing statement used to cover certain collateral as specified in the form. This Financing Statement complies will all applicable state laws.
Everett Washington UCC1 Financing Statement is a legal document used to establish a creditor's security interest in personal property as collateral for a loan. It is governed by the Uniform Commercial Code (UCC) in Washington state. This financing statement is filed with the Washington Secretary of State's office to provide public notice of the creditor's claim against the debtor's collateral. The purpose of the UCC1 Financing Statement is to protect the creditor's rights and secure priority in case of a debtor's default or bankruptcy. By filing this statement, creditors alert other potential creditors and buyers that they have a security interest in the specified personal property. The UCC1 Financing Statement is an essential tool for lenders to ensure their collateral is secured and to maintain legal rights. Keywords: Everett Washington, UCC1 Financing Statement, personal property, collateral, loan, Uniform Commercial Code, Washington Secretary of State, public notice, creditor, debtor, priority, default, bankruptcy, security interest, potential creditors, buyers, lenders, legal rights. Different types of Everett Washington UCC1 Financing Statements can include: 1. Initial Financing Statement: This is the first UCC1 statement filed with the Washington Secretary of State's office to establish a creditor's security interest in the debtor's personal property. 2. Amendment Financing Statement: This type is filed when there are changes to the original UCC1 Financing Statement, such as extending the expiration date, amending the collateral description, or modifying the creditor's information. 3. Continuation Financing Statement: Creditors file this statement to extend the duration of the original UCC1 Financing Statement before it expires. It ensures that the creditor's security interest remains valid and enforceable beyond the initial expiration date. 4. Termination Financing Statement: When a debt is fully paid or a security interest is no longer necessary, creditors file the termination statement to release their claim on the debtor's personal property. This statement removes the UCC1 filing from the public record. Keywords: Initial Financing Statement, Amendment Financing Statement, Continuation Financing Statement, Termination Financing Statement, expiration date, collateral description, creditor's information, duration, valid, enforceable, termination, release, public record.
