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This document serves as a filing to secure a creditor\'s security interest in the assets of a debtor organization, specifically ABALLE TRANSPORT LLC, filed with the Oregon Secretary of State.

How to fill out ucc-1 - records sos

How to fill out ucc-1

1. Obtain a UCC-1 Financing Statement form either online or from your local filing office.
2. Provide the name and address of the debtor (the person or entity that owes the obligation).
3. Enter the secured party's name and address (the individual or entity that is securing the interest).
4. Describe the collateral that is being secured; this can include inventory, equipment, or other assets.
5. Review the completed form for accuracy to ensure all information is correct.
6. Sign the form as required, which may include obtaining a signature from the debtor.
7. File the UCC-1 form with the appropriate state office (usually the Secretary of State) and pay any required filing fee.
8. Retain a copy of the filed UCC-1 for your records.

Who needs ucc-1?

1. Businesses or individuals who want to secure a loan with collateral may need to file a UCC-1.
2. Lenders and creditors seeking to establish a legal claim against a debtor's assets.
3. Anyone involved in financing transactions that require public notice of security interests.

Understanding the UCC-1 - Records SOS Form

Understanding the UCC-1 form

The UCC-1 form, officially known as the Uniform Commercial Code financing statement, serves as a tool for creditors to secure their interests in a borrower’s collateral. By filing a UCC-1, lenders ensure they have a legal claim to the assets specified in the document should the borrower default on their obligation.

Its primary purpose revolves around establishing priority rights over collateral in the event of bankruptcy or liquidation. This process aids in protecting the creditors' investments by effectively notifying other parties of their secured interest in the debtor’s property.

• The entity or individual that lends money and holds the security interest.
• The individual or organization that owes money and provides collateral to secure the loan.
• The property or assets offered by the debtor to the secured party as a guarantee for the loan.

Importance of filing the UCC-1 form

Filing a UCC-1 form is crucial for establishing documented proof of a secured party's interest. This legal filing provides essential protections and rights to creditors, allowing them to claim the specified collateral if the debtor defaults. By publicly recording this security interest, potential buyers and other interested parties are notified of the existing claim against that property.

Moreover, the rights and responsibilities of secured parties are reinforced through this process. Filing the UCC-1 not only serves as a safeguard for lenders but also helps streamline the process of handling bankruptcies or disputes regarding ownership of collateral.

• Ensures creditors have a enforceable claim against the collateral.
• Establishes the order in which claims on collateral will be paid.
• Informs other parties about existing interests in the debtor's property.

Preparation before filing

Before embarking on the filing process, it is imperative to gather all necessary information. This includes the legal names and addresses of both the secured party and the debtor, as well as a detailed description of the collateral involved. This information is essential to ensure that your UCC-1 filing is accurate and can be successfully processed.

Additionally, understanding filing fees is critical. These fees can vary by state, so researching local requirements can prevent delays in the filing process. Notably, both individuals and organizations can file a UCC-1, meaning it is important to clarify your status to prepare effectively.

• Names and addresses of debtor and secured party, effective date, and description of collateral.
• Check state-specific fees which may apply to the filing of UCC-1 forms.
• Both individuals borrowing money and organizations seeking to secure loans.

Step-by-step guide to filling out the UCC-1 form

Completing the UCC-1 form requires careful attention to detail across several sections. Each part plays a vital role in ensuring the secured party’s interests are valid and can be enforced.

Section 1: Debtor Information

This section must include the correct legal name and address of the debtor. If the debtor is an organization, be sure to provide the exact name as registered with the Secretary of State to avoid complications during the filing process.

Section 2: Secured Party Information

List all secured parties involved in the transaction. Each party’s legal name and address should be accurate, as this determines who holds the interest in the collateral.

Section 3: Collateral Description

Provide a clear and comprehensive description of the collateral. Describing the collateral effectively is crucial as it delineates the property claimed, making the UCC-1 enforceable.

Section 4: Additional Information

Optional details can help clarify any specifics related to the transaction, adding precision to the filing.

Section 5: Signatures

Lastly, the form requires signatures from the appropriate parties, confirming the authenticity and intent behind the filing.

Choosing the right filing method

When it comes to filing the UCC-1 form, there are various methods available. Depending on your preference, you can opt for paper filing or electronic filing. Each method has its pros and cons that may impact your decision.

Electronic filing through platforms like pdfFiller offers significant advantages, including speed and convenience. With a user-friendly interface, pdfFiller allows you to complete the UCC-1 filing quickly, ensuring you can access and manage your documents from anywhere.

• Traditional method; involves mailing the UCC-1 form to the appropriate office.
• Faster and allows for instant confirmation; ideal for those in a hurry.
• Offers real-time sharing, collaboration, and document editing capabilities.

Submitting the UCC-1 form

Once the form is completed, submitting it is the next crucial step. Be mindful of the submission channels available to you, as they can differ based on your location and chosen filing method. Always keep a copy of the confirmation for your records.

Understand that fees involved will vary, and familiarizing yourself with the payment methods accepted will help facilitate a smoother filing experience.

• Select your preferred method and follow through with proper channels.
• Keep an eye out for a confirmation receipt or tracking number.
• Costs associated with filing can vary by state and form of submission.

Managing your UCC-1 filing

Managing your UCC-1 filing is essential for keeping track of your secured interests. Monitoring the status will help you stay informed about changes or notifications from the filing office, ensuring your interests are always protected.

Should you need to make amendments or terminate your filing, understanding the processes involved will save you time and stress. Keeping accurate records of all filings and related correspondence is vital for effective management.

• Regularly check your filling status to ensure compliance and accuracy.
• Learn the steps to modify or end your financing statement as needed.
• Develop a system for archiving all relevant documents associated with UCC-1 filings.

Common issues and FAQs

Issues may arise during the filing process, from incomplete information to incorrect filing methods. Familiarizing yourself with common errors can save time and resources.

Additionally, several frequently asked questions often surface regarding UCC-1 forms. Knowing the answers can equip you with the necessary information to navigate the process proficiently.

• Processing times can vary, but electronically submitted filings are often quicker.
• File an amendment to update your UCC-1, detailing necessary adjustments.

Utilizing pdfFiller for your document needs

pdfFiller offers a comprehensive platform to handle document creation and management, including UCC-1 filings. The features available enhance users’ experiences, allowing for seamless editing and electronic signatures, all within a cloud-based environment.

With pdfFiller, you can efficiently manage your document needs from anywhere. Convenient tools allow for collaboration, making it easier to work with multiple parties during the filing process.

• Utilize intuitive editing tools to customize UCC-1 forms quickly.
• Securely sign documents digitally, minimizing the need for physical paperwork.
• Organize and share your UCC-1 filings efficiently across various devices.

Contacting support and assistance

If you encounter issues or have questions regarding the UCC-1 form and the filing process, accessing support is straightforward with pdfFiller. The platform offers multiple avenues for assistance, ensuring users have the resources they need to file correctly.

Options for customer support include live chat for real-time assistance, email inquiries for detailed questions, and an extensive FAQ section available for self-help. Engaging with support can help clarify any uncertainties regarding your UCC-1 filings.

• Access immediate support from trained representatives.
• Submit inquiries for in-depth assistance on specific steps.
• Consult the FAQ section for answers to common questions and troubleshooting tips.

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What is ucc-1?

UCC-1 is a financing statement used to secure a creditor's interest in assets of a debtor under the Uniform Commercial Code (UCC).

Who is required to file ucc-1?

The creditor or secured party is required to file a UCC-1 form to perfect their security interest in the collateral provided by the debtor.

How to fill out ucc-1?

To fill out a UCC-1, provide the name and address of the debtor and secured party, describe the collateral, and sign the form before submitting it to the appropriate state filing office.

What is the purpose of ucc-1?

The purpose of UCC-1 is to publicly notify other creditors of the secured party's interest in the debtor's assets, thus establishing priority over competing claims.

What information must be reported on ucc-1?

Must include the debtor's name and address, the secured party's name and address, and a description of the collateral securing the obligation.