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This document outlines the amendments to the Uniform Commercial Code in Utah regarding the formal requirements of financing statements including provisions about debtors, secured parties, and types

How to fill out hb 247 secured transaction

How to fill out H.B. 247 SECURED TRANSACTION - SALES OF ACCOUNTS, CONTRACT RIGHTS, AND CHATTEL PAPER

1. Obtain the H.B. 247 form applicable to secured transactions.
2. Fill in the name and contact details of the seller.
3. Provide the buyer's name and contact information.
4. Clearly describe the accounts, contract rights, and chattel paper being sold.
5. Specify the terms of the sale, including payment details and any conditions.
6. Include relevant identification numbers, such as tax ID or business registration numbers.
7. Sign and date the form in the designated areas.
8. Submit the completed form to the appropriate government authority for processing.

Who needs H.B. 247 SECURED TRANSACTION - SALES OF ACCOUNTS, CONTRACT RIGHTS, AND CHATTEL PAPER?

1. Businesses seeking to sell their accounts, contract rights, and chattel paper to secure financing.
2. Financial institutions or lenders looking to assess collateral for loans.
3. Legal professionals involved in drafting or reviewing secured transactions.
4. Investors interested in acquiring accounts or contract rights for potential financial benefit.

People Also Ask about

What are the rules for secured transactions?

There are three requirements for attachment: (1) the secured party gives value; (2) the debtor has rights in the collateral or the power to transfer rights in it to the secured party; (3) the parties have a security agreement “authenticated” (signed) by the debtor, or the creditor has possession of the collateral.

What is chattel paper secured transactions?

Chattel paper is a legal document that records a monetary obligation from one party to another and a security interest used in secured transactions to sell property on credit while retaining some interest in the property. ( See: UCC § 9-102 )

Is a conditional sales contract chattel paper?

The se- curity or lease interest is embodied in a writing which evidences the debt. This writing constitutes the "chattel paper," which may consist of a conditional sales contract, a chattel mortgage, a security agreement or a chattel lease,2 with or without an accompanying negotiable instru- ment.

What documents are needed to perfect a secured transaction?

This is done in the security agreement. The financing statement gives notice to the world that the secured creditor has a security interest in the collateral described in the statement. Filing of the financing statement is usually required to perfect the creditor's interest in inventory or the proceeds.

Does a security agreement need to be signed by the secured party?

The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.

Who is the debtor in a secured transaction?

A secured transaction is an arrangement in which a buyer or borrower (referred to as the debtor ) guarantees payment of an obligation by granting a security interest in property to the seller or lender (referred to as the secured party ). The property in which the security interest exists is called collateral .

What secured transaction document must be signed by the debtor?

The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.

What article of the Uniform Commercial Code covers secured transactions?

Article 9, Secured Transactions Uniform Commercial Code Article 9 provides a statutory framework that governs secured transactions--transactions that involve the granting of credit secured by personal property.

For pdfFiller’s FAQs

What is H.B. 247 SECURED TRANSACTION - SALES OF ACCOUNTS, CONTRACT RIGHTS, AND CHATTEL PAPER?

H.B. 247 is a legislative bill that establishes the legal framework for secured transactions involving the sale of accounts, contract rights, and chattel paper. It outlines the rights and responsibilities of parties involved in such transactions, ensuring clarity and protection of interests.

Who is required to file H.B. 247 SECURED TRANSACTION - SALES OF ACCOUNTS, CONTRACT RIGHTS, AND CHATTEL PAPER?

Entities or individuals that engage in the sale of accounts, contract rights, and chattel paper, and wish to secure their interest in these transactions, are required to file under H.B. 247.

How to fill out H.B. 247 SECURED TRANSACTION - SALES OF ACCOUNTS, CONTRACT RIGHTS, AND CHATTEL PAPER?

To fill out H.B. 247, one must provide detailed information regarding the parties involved, the nature of the accounts, contract rights or chattel paper being sold, and any relevant terms of the transaction. It's essential to follow the prescribed format and include all necessary documentation.

What is the purpose of H.B. 247 SECURED TRANSACTION - SALES OF ACCOUNTS, CONTRACT RIGHTS, AND CHATTEL PAPER?

The purpose of H.B. 247 is to provide a legal framework that facilitates the effective sale and transfer of accounts, contract rights, and chattel paper, allowing parties to secure their transactions and protect their financial interests.

What information must be reported on H.B. 247 SECURED TRANSACTION - SALES OF ACCOUNTS, CONTRACT RIGHTS, AND CHATTEL PAPER?

The information required includes the names and addresses of the parties involved, a description of the accounts, contract rights, or chattel paper, the terms of the sale, and any pertinent financial details related to the transaction.