Security interests in chattels (personal property) are created by an instrument known as a security agreement. To give notice of a security interest, a financing statement must be recorded. (See personal property, Uniform Commercial Code)
Under the Uniform Commercial Code (UCC), a prescribed document a lender files with the Registrar of Deeds or Secretary of State giving the name and address of the debtor and the secured party (lender) along with a description of the personal property securing the loan. It may show the amount of indebtedness.
A document prepared for filing with the Register of Deeds or Secretary of State indicating that personal property (or fixtures) is encumbered with a debt.
A document filed with the Register of Deeds or Secretary of State securing the title to personal property.
A standardized form recorded with the Secretary of State and/or County Clerk to perfect a lien under the Uniform Commercial Code by notification to all interested parties. Used with some financing leases to protect lessor's interest in the equipment.
a document stating that a person (secured party) has a claim (security interest) in certain property (collateral) belonging to someone else (debtor)
Document filed to protect a security interest; must contain information about the parties and description of the collateral.
A financing statement contains the information required to register notice of a security interest on the Personal Property Securities Register.
A form prescribed by a debtor's state to be completed and filed by a creditor in order to perfect a security interest (lien) in certain types of collateral. The purpose is to give notice of a financing arrangement in which a security interest in personal property is granted by the debtor to the secured (lender) party.
A form stipulated by Article 9 of the Uniform Commercial Code executed between a debtor and a secured party that, if filed and perfected properly with the appropriate state and local entities, creates a collateralized security interest in the assets stipulated on the UCC-1 form for the secured party.
A statement filed by a lender with a public official. The statement reports the security interest or lien on the borrowerâs assets.
Form required by the Uniform Commercial Code to be filed in one or more public records office in order to perfect a security interest.
Generally known as "Form UCC-1." This form is filed in the prescribed public offices for the purpose of perfecting the security interest of a secured party.
A document filed with the County Clerk or Secretary of State securing the title to personal property.
An instrument filed with the Register of Deeds in order to give notice of a security agreement regarding personal property. Fixtures and personal property related to a business may affect interest in real estate associated with the business. See also, Uniform Commercial Code.
Under the Uniform Commercial Code, a financing statement (UCC-1 form) reflects a security interest in, or claim to, specified personal property. The statement names the secured party or lessor and the debtor or lessee. Once the secured party or lessor files the financing statement with the secretary of state or other appropriate public office, it becomes public record and perfects lien rights.
A notice of security interest filed under the Uniform Commercial Code (UCC). Generally filed with the State's Secretary of State and/or the appropriate county office.
This is a document specified under the Uniform Commercial Code, a law applicable in all states. This puts the world on notice that a security interest has been filed against the person on the form listed as the debtor.
A form of lien filed by a lender or creditor and registered against the personal property (all or specific items) of a debtor. Generally filed when a loan is secured against personal property.
Evidence of a personal property security agreement that may be filed with the Secretary of State or recorded with the county recorder under prescribed conditions. The financing statement has replaced the chattel mortgage and will affect real property if it relates to crops or timber.
A recorded document filed generally in the secretary of state's office of the state and shows that there is a lien against the fixtures and equipment (personal property) of the business.
A Personal Property Security Instrument which replaced a Chattel Mortgage upon adoption of the Uniform Commercial Code.
Lenders record financing statements to evidence personal property, such as a new furnace, siding or windows, is subject to a lien.
A written notice filed in the public records by a creditor who has extended credit for the purchase of personal property. The purpose of filing the statement is to establish the creditor's interest in the personal property which is the security for the debt but which may become a fixture when it is attached to real property.
Under the Uniform Commercial Code (UCC), a financing statement (UCC-1 Form) reflects a security interest in, or claim to, specified personal property. The statement names the secured party or lessor and the debtor or lessee. When the financing statement if filed by the secured party or lessor with the secretary or other appropriate public office, it becomes public record and perfects lien rights.
The instrument which is filed regarding a loan on personal property in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral.
An encumbrance; one method of securing an indebtedness, a pledging or security. A document prepared for filing with the Clerk and Recorder or Secretary of State indicating that personal property or fixtures is or are encumbered with a debt. This is the instrument which is filed in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral. (See Security Interest and Secured Party.)
Evidence of a personal property security agreement. Interest is usually protected by the filing of the document with the Secretary of State or the county recorder.
Report that shows income and expenses for an accounting period and normally consists of a balance sheet, income statement and statement of cash flows.