![]() ![]() Security agreement is the agreement between the secured party and the debtor that creates or provides for a security interest.Ĭollateral refers to the items of property in which a security interest is granted by the debtor. Secured party is a lender, seller, or other person in whose favor a security interest exists.ĭebtor is the person who owes payment or performance of the obligation that is secured. Security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. However, it is advisable to file financing statements and perform a search on the debtor to discover existing filings by other creditors before the loan closing. In most cases, financing statements are filed at the close of a secured transaction. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement that is or is to become fixtures." (b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the Secretary of State. (2) the office of the Secretary of State, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing. (B) the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures or (A) the collateral is as-extracted collateral or timber to be cut or (1) the office designated for the filing or recording of a record of a mortgage on the related real property, if: Pursuant to Section 9.501, Texas Business and Commerce Code, a financing statement should be filed on property located in Texas by the secured party with: "(a) Except as otherwise provided in Subsection (b), if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: state where an individual resides in the case of an individual or sole proprietor.state of the chief executive office if the organization is unregistered and has more than one place of business or. ![]() a state of organization if the organization is registered with a state.The proper place to file a financing statement depends generally upon the nature, use, and location of collateral provided as security. To be effective, a financing statement must be filed in the proper filing office in order to provide notice to third parties. In plain language, the Uniform Commercial Code allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office. The Code became effective at midnight on June 30, 1966, and applies to transactions entered into and events occurring after that date. The actual security agreement may even be executed later. The Uniform Commercial Code adopts the “notice filing” approach, under which an abbreviated notice is filed with the appropriate filing officer evidencing that a debtor and secured party intend to engage in a secured transaction using specified collateral as security. ![]()
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