financing statement

financing statement

A document filed in the public records; gives notice that a secured party claims a security interest in certain described goods and other personal property owned by a named debtor.It is also called a UCC-1 after the form provided by the Uniform Commercial Code.The purpose of the statement is to put other creditors, or purchasers, on notice that the security interest exists and will remain on the property even if sold and even if another creditor loans money against the same property. The financing statement does not give the security interest; it merely provides notice of the existence of a security agreement. If a creditor fails to obtain a signed security agreement,the financing statement will be useless. (Do not confuse with financial statement.)

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Less is more when describing collateral in a UCC-1 financing statement that is filed to perfect a security interest in a debtor's assets.
Once the issue of ownership is resolved, the next question is how to list the debtor on transaction documents; specifically, would the financing statement reference the LLC as the debtor or the series?
First Western may have perfected its security interest in the account by filing a Uniform Commercial Code Financing Statement with the Arkansas Secretary of State on Feb.
116) It is only possible to perfect a transfer of an account by the registration of an appropriately drafted financing statement.
The PPSR allows the creditor to register a financing statement that contains information about a security interest.
Ursa Major president-CEO Richard Sutcliffe was expecting to make a financing statement in mid-February of some working capital to get the mid-tier miner moving forward this year.
44) Conversely, if the mezzanine borrower has not "opted in" to Article 8, the mezzanine borrower's collateral remains a general intangible under Article 9 and the secured lender perfects its security interest by filing a UCC-1 financing statement in the appropriate recording office.
Perfection by filing one financing statement in one location (normally the state where the debtor is located).
14) Consequently, perfection can be accomplished by filing a financing statement.
The most common way to "perfect" is far the lender to file a UCC Financing Statement with the Utah Department of Commerce, which becomes available for public review.
Even though the transaction may be structured as a "true sale" of receivables, the securitization vehicle must file a financing statement under the UCC in order to protect its interest in those receivables.