UCC-1 Financing Statement (04/20/11 Version)

The UCC-1 Financing Statement (04/20/11 Version) is a legal template that serves as a document used to secure a creditor's interest in a debtor's personal property. Under the Uniform Commercial Code (UCC), a UCC-1 Financing Statement is filed by a creditor with the appropriate state agency, such as the secretary of state's office, to publicly indicate a security interest in the debtor's assets. This legal template outlines all the necessary information required by the UCC to properly file and establish priority for the creditor's interest.

The template is typically used in various financial transactions, such as loans, leases, or any situation where a creditor wants to protect their interest in collateral owned by the debtor. The UCC-1 Financing Statement includes details about the debtor and the creditor, providing both parties with protection and clarity regarding the existence and priority of the security interest.

Key information contained in the template may encompass the debtor's name and address, as well as the creditor's name and address. It also outlines a description of the collateral being used to secure the debt, which can range from tangible assets like equipment or inventory to intangible assets like patents or copyrights. Additionally, the template may require information regarding the term of the financing statement, indicating when it will expire if not renewed.

By utilizing the UCC-1 Financing Statement (04/20/11 Version), creditors can establish a public record of their interest in the debtor's assets, warning other potential creditors or purchasers of the existence of their secured interest. Consequently, the template plays a crucial role in maintaining the transparency and efficiency of commercial transactions, ensuring that all parties involved have a clear understanding of their rights and priorities in relation to the debtor's personal property.