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financing statement |
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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.) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Financing statements are required to contain certain details, for example, details of the grantor and the secured party, a description of the collateral and (if relevant) the period of registration. Like mortgages, Uniform Commercial Code (UCC) Financing Statements can be subject to fraudulent recording and termination. by adding requirement to filing amendments to financing statements, and provide exceptions to requirements for filing termination financing statements. |
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