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STATE OF SOUTH DAKOTA FINANCING STATEMENT ? UCC 1 APPROVED STANDARD FORM Fee $ Account # Secretary of State 500 E. Capitol ? Pierre, SD 57501-5070 ? 605-773-4422 PLEASE TYPE THE INFORMATION ON THIS

How to fill out ucc-1 financing statement

How to fill out a UCC-1 financing statement:

1. Start by obtaining the necessary forms: The UCC-1 financing statement form can usually be obtained from the secretary of state's office or their website. Ensure that you have the most current version of the form.
2. Identify the debtor: The debtor is the person or entity that owes the debt. Provide their legal name, including any suffixes and variations used in official documents. Also, include their mailing address.
3. Describe collateral: Collateral refers to the assets or property that the debtor is using as security for the loan. Use specific and detailed descriptions of the collateral, including serial numbers, make, model, and any other identifying information.
4. Indicate the secured party: The secured party is the person or entity providing the loan or credit. Provide their legal name and address.
5. Add any additional parties: If there are any additional parties involved, such as co-debtors or secondary secured parties, include their information as well.
6. Include financing statement continuation: If you need to continue the financing statement beyond the initial period (usually five years), indicate this on the form and attach a continuation statement if necessary.
7. Review and sign: Double-check all the information provided before signing the form. The debtor or a representative should sign and date the document.

Who needs a UCC-1 financing statement?

A UCC-1 financing statement is typically needed in the following situations:

1. Secured lenders: Financial institutions and lenders who want to secure their interests in the collateral provided by borrowers will need a UCC-1 financing statement.
2. Small business owners: If a business owner wants to use their assets, such as inventory or equipment, as collateral for obtaining a loan or financing, they will need to file a UCC-1 financing statement.
3. Investors and creditors: Individuals or entities that provide loans or extended credit to others may require a UCC-1 financing statement to establish their priority interest in the collateral.

It is important to note that specific laws and requirements might vary by jurisdiction, so it is advisable to consult with legal counsel or the secretary of state's office to ensure compliance with local regulations.

For pdfFiller’s FAQs

What is ucc-1 financing statement?

A UCC-1 financing statement is a legal document that is filed to provide notice to potential creditors regarding a secured party's interest in personal property.

Who is required to file ucc-1 financing statement?

The secured party, which is typically the lender or creditor, is required to file the UCC-1 financing statement.

How to fill out ucc-1 financing statement?

To fill out a UCC-1 financing statement, you need to provide information about the debtor, secured party, and the collateral being used as security. This includes details such as names and addresses, a description of the collateral, and any financing statements that need to be terminated or amended.

What is the purpose of ucc-1 financing statement?

The purpose of a UCC-1 financing statement is to establish the priority of a secured party's interest in the collateral, provide notice to other potential creditors, and protect the rights of the secured party in case of default by the debtor.

What information must be reported on ucc-1 financing statement?

The UCC-1 financing statement must include information such as the debtor's name and address, secured party's name and address, a description of the collateral being used as security, and any additional statements or amendments.

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