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Become a Secure Party Creditor with ease with our Services UCC 1 filings process and help through our Redemption Book.
As stated a secure party creditor is someone who holds a security interest in some goods or property of a debtor. A secure party creditor is established by filing the UCC-1 Financing Statement document with the secretary of state in the state you are residing in, an informational UCC-1 Financing Statement maybe required if you live in another state than the state you were born in.
The First most important step in becoming a Secure Party Creditor is reading our Redemption Book for it offers the UCC education you need to get started. With our Services UCC 1 filings we prepare your UCC-1 Financing Statement, Commercial Lien, Security Agreement, Power of Attorney, Hold Harmless and Copyright Notice.
You could not ask for better UCC 1 filings service. Here at Redeem The Truth we have perfected this UCC-1 process for you so you can rest knowing the process will be done correctly, click on our Redemption Service tab at the top of this page to see the Redemption Service's we offer.
Create your UCC-1 Financing Statement through our Secure Party Creditor Training that you get through our Redemption Service and our Redemption Book.
According to Wikipedia a UCC-1 financing statement is (an abbreviation for Uniform Commercial Code-1) which is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt). This form is filed in order to "perfect" a creditor's security interest by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain priority. Let's take a closer look.
The purpose of the UCC-1 FINANCING STATEMENT is to create a public and private notice of a superior (first in line, first in time) security interest, claim, or lien on collateral. Although strictly speaking, collateral is evidence (indicia) of property, not property itself, the word property may be used synonymously with collateral. In addition the value of the property may be a benefit only (you control the account) as in the case of a driver's license.
The Secure Party Creditor may be you or another person that you have entered into a contract with. Evidence of contract for the purpose of capturing your Debtor is your SECURITY AGREEMENT. We will cover three scenarios for using the UCC-1 Financing Statement: You and your Debtor, filing on a third party to insure payment on an agreement.
To become a Secure Party Creditor, It will be necessary for you to complete a primary UCC-1 FINANCING STATEMENT and if circumstance warrants, one or more informational filings. In a primary filing of your UCC-1 Financing Statement you will enter your collateral (property) list.
In an informational filing write the words "This is an informational 'in lieu of' filing, original UCC-1 Financing Statement filed in California State, UCC-l (number), dated; filing date."UCC-1 Financing Statement is for use under the (Uniform Commercial Code-1) and is filed to perfect a security interest and establish priority of your collateral. This UCC-1 Financing Statement is available to for use in all American states. A UCC-1 Financing Statement records and protects a secured party creditor’s interest in the collateral offered by a debtor for a loan. In essence, the UCC-1 gives public notice relative to the debtor-secure party creditor relationship and the collateral involved.
More on the UCC-1 Financing Statement
As stated the filing of your UCC-1 Financing Statement creates a lien against the property, so the borrower may not dispose of the property without paying off the debt.
The UCC-1 Financing Statement (Uniform Commercial Code-1) is a legal form that the secure party creditor files to give notice that he/she has an interest in the personal property of a delinquent debtor. The main purpose of the UCC-1 Financing Statement is to prefect a creditor's security interest by giving public notice that there is a desire to take possession of certain assets for repayment of a specific debt. Most Secure Party Creditor’s post their notices in the local newspapers or bulletin boards in the court house.
Once the UCC-1 Financing Statement has been filed the secured party creditor may move forward in the process of appropriating perfected assets of a debtor that are of equal value to the debt owed. The UCC-1 Financing Statement is also known as "perfecting the security interest" in the property, and is indeed the perfected secured loan.
The standards set forth in the UCC-1 Financing Statement need only contain three pieces of information:
1. the debtor's name and address
2. the creditor's name and address
3. a description of the collateral, which may be very general
However it is not something you should venture out and do on your own unless you have the education and instructions to perfect your UCC-1 Financing Statement. Here at Redeem The Truth we have perfected this process for you so you can rest knowing the process is done correctly, click on our Redemption Service tab at the top of this page to see the Redemption Service's we offer.