Mississippi UCC1 Financing Statement Addendum - Mississippi 2025

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A qualified financing statement should include: Debtor and secured partys name, Collateral describing, and. A creditor or other person authorized by the debtor in their security agreement files it.
Lets say a borrower puts up his house as collateral. A UCC filing could state that the borrowers home is foreclosed on in the event of a default or bankruptcy. It could also state that the house is seized or just sold off. UCC filings are active for five years.
All UCC filings may be submitted and paid for online. UCC filings may still be printed out after entry in to the system and mailed to the Secretary of State with payment. Any UCC document not generated in the Secretary of State system will be returned unprocessed.
What Are the Benefits of Filing a Uniform Commercial Code-1 (UCC-1) Statement? Filing a UCC-1 allows creditors to collateralize their loans by utilizing the personal property assets of their customers.
Legal requirements for the UCC-1 In order for a UCC-1 to hold weight in a legal proceeding, it must include the exact legal name of the debtor, the collateral included in the lien and the name of the secured party. When listing collateral, the law doesnt require a detailed description.
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Steps Download the UCC-1 form. Provide direct contact information if desired. Fill in the debtors name and mailing address. List the name and address of the secured party. Indicate the collateral covered by the financing statement. Include applicable descriptions of the transaction. Fill out an addendum if necessary.
Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor. A UCC-1 Financing Statement expires after five (5) years unless a continuation is recorded and/or filed.

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