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.
Michael also signed another document that authorized the bank to file a financing statement
but did not describe the collateral.
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.