Wednesday, March 27, 2013

Texas Adopts New UCC Financing Statement Forms

What could be more exciting than financing statement forms?

Well, probably a lot of things could be more exciting, but few could be more important to a secured lender in Texas.  As my readers probably know, a financing statement is filed with the Secretary of State's office to "perfect" a security interest.  The financing statement puts the world (including possible future security interest holders) on notice that the secured party holds a security interest in the debtor's assets identified in the financing statement.  

The Texas Secretary of State's office will accept the new form of UCC financing statement beginning July 1, 2013.  After a 30-day phase-in period during which the old form and the new form will be accepted, only the new forms be accepted beginning August 1, 2013.

You can read more about this topic and get a preview of the new forms at the Texas Secretary of State's website here.

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