UCC-1 FINANCING STATEMENT |
The purpose of the UCC-1 FINANCING STATEMENT is to create a public and private notice
of a superior (first in line, first in time) security interest, claim, or
lien on collateral. Although strictly speaking, collateral is evidence (indicia)
of property, not property itself, the word property may be used synonymously
with collateral. In addition the value of the property may be a benefit only (you
control the account) as in the case of a driver's license. The Secured Party
may be you or another person that you have entered into a contract with. Evidence
of contract for the purpose of capturing your Debtor is your SECURITY AGREEMENT.
We will cover three scenarios for using the UCC-1 Financing Statement: You
and your Debtor, Cross filing between husband and wife on the others Debtor,
and filing on a third party to insure payment on an agreement. To become a Secured
Party, It will be necessary for you to complete a primary UCC-1 FINANCING
STATEMENT and if circumstance warrants, one or more informational filings. In a
primary filing of your UCC-1 Financing Statement you will enter your collateral
(property) list. In an informational filing write the words "This is an informational
'in lieu of' filing, original UCC-1 Financing Statement filed in Washington
State, UCC-l# (number), dated; filing date." UCC-1 Financing Statement is for use under the Uniform Commercial Code and is filed to perfect a security interest and establish priority of your collateral. This UCC-1 Financing Statement is available to for use in all American states. A UCC-1 Financing Statement records and protects a secured party's interest in the collateral offered by a debtor for a loan. In essence, the UCC-1 gives public notice relative to the debtor-secured party relationship and the collateral involved. The Redemption Book offers step by step instructions on how to fill out and file your UCC-1 Financing Statement. To order CLICK HERE. |
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