The Indiana State 50181 form is a crucial document known as the UCC Financing Statement, which is used to secure a creditor's interest in a debtor's assets. This form must be filled out with precision, as it plays a vital role in establishing legal rights regarding collateral. Proper completion of the form ensures that all parties involved are protected and informed, and it is essential to follow the instructions carefully.
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The Indiana State Form 50181, commonly known as the UCC Financing Statement, serves a crucial role in securing interests in personal property. This form is primarily used to provide notice to the public of a secured party's interest in the collateral of a debtor. Key sections of the form require the accurate entry of the debtor's legal name—whether an organization or an individual—along with their mailing address. It is essential to include the secured party's information and a detailed description of the collateral involved. The form also allows for additional debtors and secured parties to be listed, ensuring comprehensive coverage of all parties involved in the transaction. Specific designations, such as lessee or lessor, can be indicated where applicable. Furthermore, the form includes optional sections for requesting search reports and providing reference data for the filer’s convenience. Proper completion of this form is vital, as inaccuracies can lead to significant legal implications. Following the provided instructions carefully is necessary to ensure compliance and protect the interests of all parties involved.
UCC FINANCING STATEMENT
State Form 50181 (5-01)
Approved by State Board of Accounts, 2001
FOLLOW INSTRUCTIONS (FRONT AND BACK) CAREFULLY.
A. NAME AND PHONE OF CONTACT AT FILER (optional)
B. SEND ACKNOWLEDGMENT TO: (Name and Address)
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1.DEBTOR’S EXACT FULL LEGAL NAME - Insert only one debtor (1a or 1b) - do not abbreviate or combine names
1a. ORGANIZATION’S NAME
OR
1b. INDIVIDUAL’S LAST NAME
FIRST NAME
MIDDLE NAME
SUFFIX
1c. MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
ADD’L INFO RE
1e. TYPE OF ORGANIZATION
1f. JURISDICTION OF ORGANIZATION
1g. ORGANIZATIONAL ID #, if any
ORGANIZATION
DEBTOR
NONE
2.ADDITIONAL DEBTOR’S EXACT FULL LEGAL NAME - Insert only one debtor (2a or 2b) - do not abbreviate or combine names
2a. ORGANIZATION’S NAME
2b. INDIVIDUAL’S LAST NAME
2c. MAILING ADDRESS
2e. TYPE OF ORGANIZATION
2f. JURISDICTION OF ORGANIZATION
2g. ORGANIZATIONAL ID #, if any
3.SECURED PARTY’S NAME (or NAME of TOTAL ASSIGNEE of ASSIGNOR S/P) - insert only one secured party name (3a or 3b) 3a. ORGANIZATION’S NAME
3b. INDIVIDUAL’S LAST NAME
3c. MAILING ADDRESS
4. This FINANCING STATEMENT covers the following collateral:
5. ALTERNATIVE DESIGNATION (if applicable):
LESSEE / LESSOR
CONSIGNEE / CONSIGNOR BAILEE / BAILOR SELLER / BUYER
AG. LIEN
NON-UCC FILING
6.
This FINANCIAL STATEMENT is to be filed (for record) (or recorded) in the REAL
7. Check to REQUEST SEARCH REPORT(S) on Debtor(s)
(ADDITIONAL FEE) (optional)
ESTATE RECORDS. Attach Addendum (if applicable)
All Debtors
Debtor 1
Debtor 2
8. OPTIONAL FILER REFERENCE DATA
FILING OFFICE COPY - INDIANA UCC FINANCING STATEMENT
Instructions for National UCC Financing Statement (Form UCC1)
Fees Worksheet
1.
First two pages are $4.00
$
4.00
2.
Enter $4.00 if there are more than 2 pages, otherwise enter $0.00
$ _____________
.00
Total (Pay this amount):
NOTE: A statement filed in connection with a public finance transaction or mobile home transaction is $8.00 plus the amount above.
Please type or laser-print this form Be sure it is completely legible. Read all Instructions, especially Instruction number 1; correct Debtor name is crucial. Follow Instructions completely.
Fill in form very carefully; mistakes may have important legal consequences. If you have questions, consult your attorney. Filing office cannot give legal advice.
Do not insert anything in the open space in the upper portion of this form; it is reserved for filing office use.
When properly completed, send Filing Office Copy, with required fee, to filing office. If you want an acknowledgment, complete item B and, if filing in a filing office that returns an acknowledgment copy furnished by filer, you may also send Acknowledgment Copy; otherwise detach. Always detach Debtor and Secured Party Copies.
If you need to use attachments, use 8-1/2 X 11 inch sheets and put at the top of each sheet the name of the first Debtor, formatted exactly as it appears in item 1 of this form; you are encouraged to use Addendum (Form UCC1Ad).
A. To assist filing offices that might wish to communicate with filer, filer may provide information in item A. This item is optional B. Complete item B to have an acknowledgment sent to you.
1.Debtor name: Enter only one Debtor name in item 1, an organization’s name (1a) or an individual’s name (1b). Enter debtor’s exact full legal name. Don’t abbreviate.
1a. Organization Debtor. “Organization” means any entity having a legal identity separate from its owner. A partnership is an organization; a sole proprietorship is not an organization, even if it does business under a trade name. If Debtor is a partnership, enter exact full legal name of partnership; you need not enter names of partners as additional Debtors. If Debtor is registered organization (e.g., corporation, limited partnership, limited liability company), it is advisable to examine Debtor’s current filed charter documents to determine Debtor’s correct name, organization type, and jurisdiction of organization.
1b. Individual Debtor. “Individual” means a natural person; this includes a sole proprietorship, whether or not operating under a trade name. Don’t use prefixes (Mr., Mrs., Ms.). Use suffix box only for titles of lineage (Jr., Sr., III) and not for other suffixes or titles (e.g., M.D.). Use married woman's personal name (Mary Smith, not Mrs. John Smith). Enter individual’s Debtor’s family name (surname) in Last Name box, first given name in First Name box, and all additional given names in Middle Name box.
For both organization and individual Debtors: Don’t use Debtor’s trade name, DBA, AKA, FKA, Division name, etc. in place of or combined with Debtor’s legal name; you may add such other names as additional Debtors if you wish (but this is neither required or recommended).
1c. An address is always required for the Debtor named in 1a or 1b.
1e,f,g. Additional information re organization Debtor” is always required. Type of organization and jurisdiction of organization as well as Debtor’s exact legal name can be determined from Debtor’s current filed charter document. Organization ID #, if any, is assigned by the agency where the charter document was filed; this is different from tax ID #; this should be entered proceeded by the 2-character U.S. postal identification of state of organization if one of the United States (e.g., CA12345, for a California corporation whose organizational ID # is 12345): if agency does not assign organizational ID #, check box in item 1g indicating “none”.
Note: If Debtor is a trust or a trustee acting with respect to properly held in trust, enter Debtor’s name in item 1 and attach Addendum (Form UCC1Ad) and check appropriate box in item 17. If Debtor is a decedent’s estate, enter name of deceased in individual in item 1b and attach Addendum (Form UCC1Ad) and check appropriate box in item 17. If Debtor is a transmitting utility or this Financing Statement is filed in connection with a Manufacture- Home Transaction or a Public-Finance Transaction as defined in applicable Commercial Code, attach Addendum (Form UCC1Ad) and check appropriate box in item 18.
2.If an additional Debtor is included, complete item 2, determined and formatted per Instruction 1. To include further additional Debtors, or one or more additional Secured Parties, attach either Addendum (Form UCC1Ad) or other additional page(s), using correct name format. Follow Instruction 1 for determining and formatting additional names.
3.Enter information for Secured Party or Total Assignee, determined and formatted per Instruction 1. If there is more than one Secured Party, see Instruction 2. If there has been a total assignment of the Secured Party’s interest prior to filing this form, you may either (1) enter Assignor S/P’s name and address in item 3 and file an Amendment (Form UCC3) (see item 5 of that form); or (2) enter Total Assignee’s name and addressing item 3 and, if you wish, also attaching Addendum (Form UCC1Ad) giving Assignor S/P’s name and address in item 12.
4.Use item 4 to indicate the collateral covered by this Financing Statement. If space in item 4 is insufficient, put the entire collateral description or continuation of the collateral description on either Addendum (Form UCC1Ad) or other attached additional page(s).
5.If filer desires (at filer’s option) to use titles of lessee and lessor, or consignee and consignor, or seller and buyer (in the case of accounts or chattel paper), or bailee and bailor instead of Debtor and “Secured Party, check the appropriate box in item 5. If this is an agricultural lien (as defined in applicable Commercial Code) filing or is otherwise not a UCC security interest filing (e.g., a tax lien, judgement lien, etc.), check the appropriate box in item 5, complete items 1-7 as applicable
and attach any other items required under other law.
6.If this Financing Statement is filed as a fixture filing or if the collateral consists of timber to be cut or as-extracted collateral, complete items 1-5, check the box in item 6, and complete the required information (items 13, 14 and / or 15) on Addendum (Form UCC1Ad).
7.This item is optional. Check appropriate box in item 7 to request Search Report(s) on all or some of the Debtors named in this Financing Statement. The Report will list all Financing Statements on file against the designated Debtor on the date of the Report, including the Financing Statement. There is an additional fee for each Report. If you have checked a box in item 7, file Search Report Copy together with Filing Officer Copy (and Acknowledgment Copy). Note: Not all states do searches and not all states will honor a search request made via this form; some states require a separate request form.
8.This item is optional and is for filer’s use only. For filer’s convenience of reference, filer may enter in item 8 any identifying information (e.g., Secured Party’s loan number, law firm file number, Debtor’s name or other identification, state in which form is being filed, etc.) that filer may find useful.
UCC FINANCING STATEMENT ADDENDUM
9.NAME OF FIRST DEBTOR (1a or 1b) ON RELATED FINANCING STATEMENT 9a. ORGANIZATION’S NAME
9b. INDIVIDUAL’S LAST NAME
MIDDLENAME,SUFFIX
10. MISCELLANEOUS
11.ADDITIONAL DEBTOR’S EXACT FULL LEGAL NAME - Insert only one debtor (11a or 11b) - do not abbreviate or combine names
11a. ORGANIZATION’S NAME
11b. INDIVIDUAL’S LAST NAME
11c. MAILING ADDRESS
11e. TYPE OF ORGANIZATION
11f. JURISDICTION OF ORGANIZATION
11g. ORGANIZATIONAL ID #, if any
12. ADDITIONAL SECURED PARTY’S or
ASSIGNOR S/P’S NAME - insert only one secured party name (12a or 12b)
12a. ORGANIZATION’S NAME
12b. INDIVIDUAL’S LAST NAME
12c. MAILING ADDRESS
13.
This FINANCING STATEMENT covers
timber to be cut
16. Additional collateral description:
as-extracted collateral, or as a
fixture filing.
14.
Description of real estate:
15. Name and address of a RECORD OWNER of above-described real estate
(if Debtor does not have a record interest):
17.
Check only if applicable and check only one box.
Debtor is a Trust or Trustee acting with respect to property held in trust or
Decedent’s Estate
18. Check only if applicable and check only one box.
Debtor is a TRANSMITTING UTILITY
Filed in connection with a Manufactured-Home Transaction - effective 30 years
Filed in connection with a Public-Finance Transaction - effective 30 years
FILING OFFICE COPY - INDIANA UCC FINANCING STATEMENT ADDENDUM
Instructions for National UCC Financing Statement Addendum (Form UCC1Ad)
9.Insert name of first Debtor shown on Financing Statement to which this Addendum is related, exactly as shown in item 1 of Financing Statement.
10.Miscellaneous: Under certain circumstances, additional information not provided on Financing Statement may be required. Also, some states have non-uniform requirements. Use this space to provide such additional information or to comply with such requirements; otherwise, leave blank.
11.If this Addendum add an additional Debtor, complete item 11 in accordance with Instruction 1 on Financing Statement. To add mor than one additional Debtor, either use an additional Addendum form for each additional Debtor or replicate for each additional Debtor the formatting of Financing Statement item 1 on an 8 1/2 X 11 inch sheet (showing at the top of the sheet the name of the first Debtor shown on the Financing Statement), and in either case give complete information for each additional Debtor in accordance with Instruction 1 on Financing Statement. All additional Debtor information, especially the name, must be presented in proper format exactly identical to the format of item 1 of Financing Statement.
12.If this Addendum adds an additional Secured Party, complete item 12 in accordance with Instruction 3 on Financing Statement. In the case of a total assignment of the Secured Party’s interest before the filing of this Financing Statement, if filer has given the name and address of the Total Assignee in item 3 of the Financing Statement, filer may give the Assignor S/P’s name and address in item 12.
13-15. If collateral is timber to be cut or as-extracted collateral, or if this Financing Statement if filed as a fixture filing, check appropriate box in item 13; provide description of real estate in item 14; and, if Debtor is not a record owner of the described real estate, also provide, in item 15, the name and address of a record owner. Also provide collateral description in item 4 of Financing Statement. Also check box 6 on Financing Statement. Description of real estate must be sufficient under the applicable law of the jurisdiction where the real estate is located.
16.Use this space to provide continued description of collateral, if you cannot complete description in item 4 of Financing Statement.
17.If Debtor is a trust or a trustee acting with respect to property held in trust or is a decedent’s estate, check the appropriate box.
18.If Debtor is a transmitting utility or if the Financing Statement relates to a Manufactured-Home Transaction or a Public-Finance Transaction as defined in the applicable Commercial Code, check the appropriate box.
Completing the Indiana State Form 50181 requires careful attention to detail. Each section must be filled out accurately to ensure proper filing. Follow the steps outlined below to complete the form correctly.
The Indiana State 50181 form, known as the UCC Financing Statement, serves as a legal document used to secure a creditor's interest in a debtor's collateral. By filing this form, a secured party can establish a public record of their claim against the debtor's assets. This is particularly important in cases of default, as it helps creditors enforce their rights and recover debts. The form must be filled out accurately, as any mistakes can have significant legal implications.
Any individual or organization that is entering into a secured transaction should complete this form. Specifically, it is necessary for:
Both organizations and individuals can be listed as debtors, but it’s essential that the exact legal names are used to avoid confusion and ensure enforceability.
The form requires specific details to be filled out accurately. Key information includes:
It's crucial to provide complete and correct information, as inaccuracies can lead to legal challenges or the inability to enforce the secured interest.
Filing the Indiana State 50181 form incurs specific fees. The standard fee for the first two pages is $4.00. If the document exceeds two pages, an additional fee is applied. For transactions involving public finance or mobile homes, the fee increases to $8.00 plus the standard fee. Be sure to check the total amount due and include it with the filing to avoid delays. Accurate fee payment is essential for the processing of the form.
Incorrect Debtor Name: Many filers fail to provide the debtor's exact full legal name. This includes abbreviations or combined names, which can lead to rejection of the form.
Missing Mailing Address: Some individuals forget to include a mailing address for the debtor. This information is mandatory and must be complete for the form to be valid.
Improper Use of Suffixes: Filers often misuse suffix boxes. Only lineage titles like Jr. or Sr. should be used. Other titles, such as professional designations, should not be included.
Neglecting Additional Information: When dealing with organization debtors, filers sometimes omit crucial details like the type of organization and jurisdiction. This information is essential for clarity.
Ignoring Instructions: Many people overlook the instructions provided on the form. Each section has specific requirements, and failing to follow them can result in significant legal consequences.
The Indiana State 50181 form, also known as the UCC Financing Statement, is a crucial document used to secure interests in personal property. When filing this form, there are several other documents that may be necessary to ensure comprehensive coverage of the transaction. Below is a list of forms commonly used alongside the Indiana State 50181 form, each serving a distinct purpose.
Understanding these documents can significantly impact the security and clarity of financial transactions. Each form plays a vital role in protecting the interests of all parties involved. It is advisable to consult with a legal professional to ensure proper completion and filing of these documents.
The UCC Financing Statement (Form UCC1) serves a similar purpose to the Indiana State Form 50181, as both documents are utilized for securing interests in personal property. The UCC1 is a national form that allows creditors to publicly declare their interest in a debtor's assets. Just like the Indiana State Form 50181, the UCC1 requires detailed information about the debtor, the secured party, and the collateral involved. Both forms aim to provide transparency and protection for creditors by establishing a legal claim to the specified assets, thereby reducing the risk of disputes over ownership and rights to the collateral.
The UCC Financing Statement Addendum (Form UCC1Ad) complements the UCC1 form and shares similarities with the Indiana State Form 50181. The addendum is used to provide additional information about the debtor or collateral when the space on the main form is insufficient. Much like the Indiana form, it requires the exact legal names and addresses of the parties involved. Both documents ensure that all necessary details are recorded to maintain clarity and legal standing in financial transactions, thereby safeguarding the interests of all parties involved.
The Security Agreement is another document that aligns closely with the Indiana State Form 50181. This agreement outlines the terms and conditions under which a creditor can claim collateral from a debtor if the debtor defaults on their obligations. Similar to the Indiana form, the Security Agreement must specify the collateral, the parties involved, and the obligations of the debtor. Both documents work together to create a legally binding relationship that protects the creditor's rights while outlining the responsibilities of the debtor.
The UCC Amendment (Form UCC3) is also comparable to the Indiana State Form 50181, as it is used to make changes to previously filed financing statements. If a debtor’s information changes, or if the collateral is altered, the UCC3 allows for these updates to be recorded. Similarly, the Indiana form requires accurate information to avoid legal complications. Both forms emphasize the importance of maintaining current and accurate records in order to protect the interests of all parties involved in a financial agreement.
The Notice of Default serves a related function to the Indiana State Form 50181 by providing formal notification to a debtor that they have failed to meet their obligations under a financing agreement. This document is crucial for initiating the process of claiming the secured collateral. Like the Indiana form, the Notice of Default must include specific information about the debtor and the secured party, ensuring that all parties are aware of the default status and the potential consequences. Both documents are essential tools for creditors to assert their rights and take necessary actions in case of non-compliance.
Finally, the UCC Termination Statement (Form UCC3) is akin to the Indiana State Form 50181 in that it formally releases a secured party's interest in a debtor's collateral once the obligation has been fulfilled. This document is crucial for clearing the debtor’s record and ensuring that they are no longer encumbered by the previous financing statement. Just as the Indiana form serves to establish and maintain a legal claim, the Termination Statement is equally important for concluding that claim, thereby providing clarity and peace of mind for both the debtor and the creditor.
When filling out the Indiana State 50181 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here are four key do's and don'ts:
By adhering to these guidelines, you can help ensure that your form is processed smoothly and without unnecessary delays.
Understanding the Indiana State 50181 form, also known as the UCC Financing Statement, can be challenging. Here are five common misconceptions about this form:
By clarifying these misconceptions, you can approach the Indiana State 50181 form with greater confidence and accuracy. Always take the time to read the instructions carefully and seek professional advice if needed.
Filling out the Indiana State 50181 form, also known as the UCC Financing Statement, is a crucial step for securing interests in personal property. Here are some key takeaways to keep in mind:
By following these guidelines, you can ensure that your filing is accurate and compliant with Indiana’s requirements. Properly completing the 50181 form is essential for protecting your interests in secured transactions.