What is a financing statement? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, a written instrument used by lenders to record evidence that a personal property is subject to a lien. Usually, the financing statement, is generally filed with the state’s secretary of state or a similar agency in the state, where the debtor is located. Generally, a financing statement pursuant to a specific jurisdiction’s adoption of LLC, may become lapsed after a certain period from the pre-lapse filing date. Depending on the jurisdiction, a financing statement maybe required to contain certain information, such as the names and addresses of the debtor(s) and creditor(s), and an identifying description of the undergoing description of the undergoing collateral. Determining the exact location of where a financing statement needs to be filed can be a tricky endeavor, and may depend on a number of factors, such as, debtor’s residence, debtor’s state of incorporation, location of a state’s designated agent, and whether the collateral is legally tied to a particular real property interests, local statutes and judicial customs.

 

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