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PRESENTATION HANDOUT ARTICLE 9 FILING BASICS 2015 Presented by Paul Minefield Associate General Counsel Corporation Service Company 2015 Corporation Service Company THE ESSENTIALS OF FILING UCC

How to fill out article 9 filing basics

How to fill out Article 9 filing basics:

1. Familiarize yourself with the requirements: Start by understanding the purpose and scope of Article 9 filings. Article 9 refers to the section of the Uniform Commercial Code (UCC) that governs secured transactions, specifically the filing of a financing statement to establish a security interest in personal property.
2. Gather necessary information: Before filling out the Article 9 filing, ensure you have all the essential details. This may include the debtor's legal name and address, the secured party's information, a description of the collateral being used as security, and any supporting documentation.
3. Access the correct form: Most states have their own specific forms for Article 9 filings. Check with your local Secretary of State's office or the applicable filing authority to obtain the correct form or access the online filing portal.
4. Complete the form accurately: Fill in all the required fields on the form accurately and legibly. Double-check the information to avoid any mistakes or omissions that could invalidate the filing. Be sure to follow the specific formatting guidelines provided by the filing authority.
5. Include any necessary attachments: Depending on the jurisdiction, you may need to include additional documentation along with the filing. These may include copies of security agreements, financing statements, or other supporting materials. Ensure all attachments are labeled correctly and included when submitting the filing.
6. Pay the filing fee: Most Article 9 filings require a filing fee. Check the fee schedule provided by the filing authority and include payment with your submission. Keep a record of the payment for your records.
7. Submit the filing: Once you have completed the form, attached any necessary documents, and paid the filing fee, submit the filing to the appropriate filing authority. This may be done through an online portal, by mail, or in person. Follow the instructions provided to ensure proper submission.

Who needs Article 9 filing basics?

1. Business owners and entrepreneurs: Anyone who intends to secure a loan or financing using personal property as collateral would need to understand Article 9 filing basics. This includes individuals who want to establish a security interest in specific assets to protect their creditors' rights.
2. Lenders and financial institutions: Lenders and financial institutions have a vested interest in Article 9 filings since they often provide loans and credit secured by personal property. Understanding the filing requirements helps them protect their interests and ensure proper legal documentation.
3. Legal professionals: Lawyers and legal professionals specializing in commercial law, banking, or secured transactions need to be well-versed in Article 9 filing basics. They may assist clients in preparing, reviewing, and filing the necessary documentation, ensuring compliance with relevant laws and regulations.
4. Creditors and debtors: Both creditors and debtors should have a basic understanding of Article 9 filings. Creditors can use this knowledge to protect their rights in case of default, while debtors can ensure they comply with filing requirements when using personal property as collateral.
5. Anyone involved in secured transactions: Contractors, lessors, buyers, and sellers entering into secured transactions involving personal property can benefit from understanding Article 9 filing basics. It helps them navigate the legal aspects, safeguard their interests, and ensure the proper documentation is in place.

Remember to consult with a legal professional or review your jurisdiction's specific laws and requirements to ensure accurate and up-to-date information on Article 9 filings.

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What is article 9 filing basics?

Article 9 filing basics refer to the process of filing a financial statement that establishes a secured interest in personal property.

Who is required to file article 9 filing basics?

Creditors who have a security interest in personal property are required to file article 9 filing basics.

How to fill out article 9 filing basics?

To fill out article 9 filing basics, creditors need to provide information about the debtor, the collateral securing the debt, and other relevant details.

What is the purpose of article 9 filing basics?

The purpose of article 9 filing basics is to establish and maintain priority of a creditor's security interest in personal property.

What information must be reported on article 9 filing basics?

Information such as the debtor's name and address, a description of the collateral, and any other relevant details must be reported on article 9 filing basics.