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.)

References in periodicals archive ?
Participate in new projects financing statement , carried by the authorities CAR .
Several amendments were suggested in the universal commercial codes that are supposed to provide clarity on certain issues in financing statement filings.
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.
16) The assignee may perfect its rights against the conflicting rights of a lien creditor (including a judgment lien holder, bankruptcy trustee, or receiver) (17) by taking possession of the original promissory note (18) or by filing a financing statement in the applicable filing office (19) (which for a debtor located in Florida is the Florida Secured Transactions Registry).
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.
Technical exceptions include such items as failure to perfect a lien by not filing a UCC Financing Statement or failure to obtain updated financial statements from borrowers.
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.
A government recognition of the right to specific property is merely the legal demonstration of an ownership interest, whether it is the deed to a home, the title to a vehicle, or the recording of a UCC financing statement.
Why should secured creditors -- simply because they have filed proper financing statement -- get priority of payment over other creditors?