Form UCC1 Ucc Financing Statement - Rhode Island

What Is Form UCC1?

This is a legal form that was released by the Rhode Island Secretary of State - a government authority operating within Rhode Island. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is a UCC1 Financing Statement?
A: A UCC1 Financing Statement is a legal document used to provide notice that a creditor has a security interest in a debtor's personal property.

Q: What is the purpose of a UCC1 Financing Statement?
A: The purpose of a UCC1 Financing Statement is to put other parties on notice that a creditor has a security interest in specific collateral, which helps protect the creditor's rights in case of default.

Q: How do I file a UCC1 Financing Statement in Rhode Island?
A: To file a UCC1 Financing Statement in Rhode Island, you need to submit a completed UCC1 form along with the required filing fee to the Rhode Island Secretary of State.

Q: What information is required in a UCC1 Financing Statement?
A: The UCC1 Financing Statement typically requires information about the debtor, the secured party, and a description of the collateral being used as security.

Q: How long does a UCC1 Financing Statement remain effective in Rhode Island?
A: A UCC1 Financing Statement remains effective for five years in Rhode Island. After five years, it can be renewed for additional periods of five years.

Q: What happens if the debtor pays off the debt mentioned in the UCC1 Financing Statement?
A: If the debtor pays off the debt, the creditor should file a UCC3 form to terminate the UCC1 Financing Statement and remove the security interest from public record.

Q: What is the fee for filing a UCC1 Financing Statement in Rhode Island?
A: As of 2021, the fee for filing a UCC1 Financing Statement in Rhode Island is $30.