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Navigating the intricacies of financial transactions and establishing secure lending agreements in Indiana requires an understanding of the State Form 50181, also known as the UCC Financing Statement. Approved by the State Board of Accounts in 2001, this form plays a pivotal role in the world of secured transactions, ensuring that creditors can publicly declare their interests in the assets of debtors. The form meticulously outlines provisions for identifying both the debtor’s and the secured party’s details, including names, addresses, and organizational information, thereby laying down a foundation for transparent financial dealings. Beyond mere identification, State Form 50181 delves into the realm of collateral, enabling filers to specify the assets subject to security interests. Additionally, the form accommodates various transaction types by providing options for alternative designations, such as lessee and lessor or seller and buyer relationships, and allows for the inclusion of additional debtors or secured parties through supplementary forms or addenda. Crucially, the completion of this form with utter accuracy is paramount, as even minor errors may have significant legal repercussions. Moreover, the flexibility to request search reports adds an extra layer of due diligence, facilitating a thorough examination of any existing filings against a debtor. The Indiana State Form 50181 thus serves as a cornerstone for secure lending and financial transactions, embedding clarity and legal rigor into the process.

Sample - Indiana State 50181 Form

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

OR

 

 

 

 

 

 

 

 

2b. INDIVIDUAL’S LAST NAME

 

FIRST NAME

MIDDLE NAME

SUFFIX

 

 

 

 

 

 

 

 

2c. MAILING ADDRESS

 

CITY

STATE

POSTAL CODE

COUNTRY

 

 

 

 

 

 

 

 

 

 

ADD’L INFO RE

2e. TYPE OF ORGANIZATION

2f. JURISDICTION OF ORGANIZATION

2g. ORGANIZATIONAL ID #, if any

 

 

 

ORGANIZATION

 

 

 

 

 

 

 

DEBTOR

 

 

 

 

NONE

 

 

 

 

 

 

 

 

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

OR

FIRST NAME

MIDDLE NAME

SUFFIX

3b. INDIVIDUAL’S LAST NAME

3c. MAILING ADDRESS

CITY

STATE

POSTAL CODE

COUNTRY

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):

$ _____________

.00

 

 

 

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

State Form 50181 (5-01)

Approved by State Board of Accounts, 2001

FOLLOW INSTRUCTIONS (FRONT AND BACK) CAREFULLY.

9.NAME OF FIRST DEBTOR (1a or 1b) ON RELATED FINANCING STATEMENT 9a. ORGANIZATION’S NAME

OR

 

 

 

9b. INDIVIDUAL’S LAST NAME

FIRST NAME

MIDDLENAME,SUFFIX

 

 

 

 

10. MISCELLANEOUS

 

 

THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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

OR

 

 

 

 

 

 

 

 

 

11b. INDIVIDUAL’S LAST NAME

 

FIRST NAME

MIDDLE NAME

 

SUFFIX

 

 

 

 

 

 

 

 

 

11c. MAILING ADDRESS

 

CITY

STATE

POSTAL CODE

 

COUNTRY

 

 

 

 

 

 

 

 

 

 

 

ADD’L INFO RE

11e. TYPE OF ORGANIZATION

11f. JURISDICTION OF ORGANIZATION

11g. ORGANIZATIONAL ID #, if any

 

 

 

ORGANIZATION

 

 

 

 

 

 

 

 

DEBTOR

 

 

 

 

 

NONE

12. ADDITIONAL SECURED PARTY’S or

ASSIGNOR S/P’S NAME - insert only one secured party name (12a or 12b)

12a. ORGANIZATION’S NAME

 

OR

 

 

 

 

 

 

 

12b. INDIVIDUAL’S LAST NAME

 

FIRST NAME

MIDDLE NAME

SUFFIX

 

 

 

 

 

 

12c. MAILING ADDRESS

 

CITY

STATE

POSTAL CODE

COUNTRY

 

 

 

 

 

 

 

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.

⇓ Indiana State 50181 PDF Form

Form Overview

# Fact Detail
1 Form Type Indiana State Form 50181 is a UCC Financing Statement.
2 Approval Approved by State Board of Accounts, 2001.
3 Purpose Used to claim a security interest by a lender or secured party in the debtor's collateral.
4 Debtor Information Requirement Requires debtor's full legal name, addressing information, type and jurisdiction of organization if applicable, and an organizational ID # if any.
5 Secured Party’s Information Must include the name and mailing address of the secured party or assignee.
6 Collateral Description Details about the collateral must be provided to specify what the security interest covers.
7 Optional Additions Filers can include alternate designations, request search reports, and provide additional debtor details or secured party information via an addendum.
8 Legibility Requirement The form must be typed or laser-printed ensuring complete legibility.
9 Governing Law Subject to the terms of the Indiana Uniform Commercial Code and other applicable state laws.

Guide to Filling Out Indiana State 50181

Filling out the Indiana State 50181 form, also known as the UCC Financing Statement, is an essential step in securing interests in collateral agreements. This document legally records the agreement between the debtor and secured party, impacting rights and claims on collateral. Paying attention to detail and accurately completing the form is crucial since errors may have significant legal consequences. Below is a guide designed to assist in carefully completing this form:

  1. Preparation: Begin by reading all instructions thoroughly to ensure clarity on all required information. Use a type or laser printer for legibility.
  2. Contact Information (optional): If you choose to, provide the name and phone number of a contact at the filer's end in item A.
  3. Send Acknowledgment To: In item B, fill in the name and address where the filing acknowledgment should be sent.
  4. Debtor Information: Enter the debtor's full legal name without abbreviations—choose between an organization (1a) or an individual (1b). Complete the address in 1c, and if applicable, fill in additional information regarding type, jurisdiction, and organizational ID in 1e, 1f, and 1g.
  5. Additional Debtor: If there is another debtor, repeat the process from step 4 in item 2, ensuring accuracy in name and address details.
  6. Secured Party Information: In item 3, insert the secured party's full legal name and address, choosing between an organization (3a) or an individual (3b).
  7. Collateral Description: Use item 4 to clearly describe the collateral that the financing statement covers. Attach additional pages if necessary.
  8. Alternative Designation: If applicable, in item 5, select the alternative designation that best describes the relationship or the transaction type.
  9. Real Estate Filing: If this financing statement relates to real estate, tick the box in item 6 and attach any required addendums.
  10. Search Report Request: Optional—check the appropriate box in item 7 if a search report on the debtor(s) is required.
  11. Optional Filer Reference Data: Use item 8 for any filer's internal reference data, if needed.
  12. Fees Calculation: Refer to the fees worksheet to calculate the total amount due. First two pages cost $4.00, with additional costs if the document exceeds this length.
  13. Submission: After completion, send the Filing Office Copy of the form along with the required fee to the filing office. Do not forget to detach the appropriate sections if sending an acknowledgment copy.

Remember to double-check all entered information for accuracy and completeness before submission to avoid errors or potential legal issues. If there are any uncertainties, consulting with an attorney can provide guidance specific to your situation.

Frequently Asked Questions

What is a UCC Financing Statement (Form 50181) in Indiana?

A UCC Financing Statement, specifically Form 50181 in Indiana, is a legal form used to declare a security interest in a debtor's personal property to the public. This form, when correctly filed, makes it possible for secured parties (lenders) to prioritize and enforce their security interests in the property outlined in the form, should the debtor default on their obligations.

Who needs to file Form 50181?

This form is typically filed by secured parties such as lenders or creditors who have extended credit that is secured by personal property. It can also be used by lessors, consignors, or sellers involved in certain types of transactions that are considered security interests under the Uniform Commercial Code (UCC).

How does one correctly fill out the debtor's information on Form 50181?

When filling out the debtor's information on Form 50181, it's crucial to use the debtor's exact full legal name without abbreviations or aliases. For businesses (organizations), this includes the legal name as registered. For individuals, include the surname, first name, and all middle names. Providing an accurate and complete address is also mandatory.

What information is required for the secured party on the form?

The form requires the secured party's exact full legal name and mailing address. If the secured party is an organization, use the registered business name. For individuals, include the full name and address. If there's been a total assignment of the secured party's interest, the assignee's details should be included as well.

Can additional debtors or secured parties be added to Form 50181?

Yes, additional debtors or secured parties can be added. This is typically done by attaching an addendum to the form, following the initial entry instructions to ensure consistency and legal validity. Each additional party must be clearly identified along with their full legal name and address.

What happens if there is a mistake on the form?

Mistakes on Form 50181 can have significant legal implications, possibly affecting the enforceability of the secured party's interest. To correct errors, an amendment form (usually referred to as a UCC-3 form) has to be filed, detailing the correct information and referencing the initial filing.

Is there a fee to file the Indiana State Form 50181?

Yes, there is a filing fee associated with Form 50181. The base fee covers the first two pages of the form. There is an additional fee for forms that exceed two pages and for certain types of transactions such as public finance or manufactured home transactions. It's advisable to check the latest fees with the Indiana filing office or their official website.

How does one obtain an acknowledgment of the filing?

To receive an acknowledgment of the filing, complete section B of Form 50181 with the name and address to which the acknowledgment should be sent. Depending on the filing office's practices, you might also need to send an acknowledgment copy. Always check the specific instructions provided by the filing office.

Common mistakes

Filling out the Indiana State 50181 form, a UCC Financing Statement, is crucial for establishing a secured transaction. However, individuals often make several common mistakes that can have significant ramifications. Recognizing and avoiding these errors is key to ensuring the statement's validity and enforceability.

  1. Entering incorrect debtor information: One of the most critical sections is the debtor's exact full legal name (item 1 for the primary debtor and item 2 for an additional debtor). Mistakes here, such as using abbreviations, omitting middle names, or entering a nickname instead of the full legal name, can make the filing defective. This specificity is vital for the identification of the debtor in public records.

  2. Omitting debtor address details: Every debtor listed on the form must have a corresponding mailing address (items 1c and 2c). Failure to provide this information can lead to challenges in contacting the debtor or serving legal documents, if necessary.

  3. Inadequate description of collateral: The collateral description in item 4 must be clear and detailed. A vague or incomplete description can cause disputes over what assets are covered by the security interest. For complex or extensive collateral, attachments should be used to provide a full description.

  4. Incorrectly identifying the organization type and jurisdiction: For organizational debtors (item 1e and 2e), specifying the type of organization and the jurisdiction of its formation is mandatory. Incorrect or missing information could affect the legal standing of the filing.

  5. Neglecting to check the applicable boxes in items 5, 6, 17, and 18: These sections cover alternative designations, the nature of the filing, and specific debtor categories. Overlooking these choices can misrepresent the legal context of the financing statement.

  6. Failure to request a search report when needed (item 7): Although optional, a search report can provide crucial information about any pre-existing claims against the debtor's assets. Not requesting this report might leave a filer unaware of other parties' interests.

  7. Not utilizing the optional filer reference data section (item 8): This section allows the filer to include identifying information that could be helpful for future reference. Skipping this section might not affect the filing's legality but can make tracking or correlating this filing with other records more challenging.

Being meticulous when filling out the form can prevent these mistakes. It’s important to review all entered information for accuracy and completeness before submission. When in doubt, consulting with a legal professional can help ensure that the form is filled out correctly, thereby protecting the interests of all parties involved in the secured transaction.

Documents used along the form

When dealing with the complexities of filing an Indiana State 50181, also known as a UCC Financing Statement, various other forms and documents often play a critical role in ensuring the completeness and legality of the submission. These supplementary documents can vary based on specific requirements of the transaction, the type of collateral, or additional parties involved. Below is a concise guide to seven key documents that are frequently used alongside the Indiana State 50181 form.

  • UCC1Ad - UCC Financing Statement Addendum: Used to provide additional information that cannot fit on the main UCC Financing Statement form. This includes additional debtor names, a more detailed description of the collateral, or information about the real estate where the collateral is located.
  • UCC3 - UCC Financing Statement Amendment: This form is necessary when you need to make any amendments to a previously filed UCC Financing Statement, such as changes in debtor information, secured party information, or the collateral described.
  • UCC5 - Information Statement: Filed to correct a record or to provide additional information regarding a filed UCC document, especially in cases where a debtor believes a filing has been made inaccurately.
  • UCC11 - UCC Information Request: Used to request information on UCC filings, such as a search for filings against a specific debtor or for copies of filed documents. Helpful in due diligence and verification processes.
  • UCC3Ad - UCC Financing Statement Amendment Addendum: Accompanies a UBF3 form when additional space is needed to detail the amendment, such as when adding multiple debtors or secured parties or providing a detailed description of changes in the collateral.
  • UCC-1AP - Financing Statement Additional Party: Used to include additional debtor or secured party information on the original UCC-1 filing. This form is useful for complex transactions involving multiple parties.
  • Security Agreement: Though not a UCC form, a security agreement is a crucial document that establishes the secured party's interest in the collateral. This agreement details the terms under which collateral is provided and is often referenced in the UCC financing statement.

Each of these documents serves a specific purpose in the broader context of securing financial interests and ensuring transparent, legal, and enforceable agreements between parties involved in a transaction. It's essential to understand the role each document plays in safeguarding these interests and adhere to the detailed requirements of filing and maintaining UCC Financing Statements in Indiana.

Similar forms

The Indiana State 50181 form is similar to other forms used across the United States for securing transactions under the Uniform Commercial Code (UCC). Specifically, this form closely resembles the UCC-1 Financing Statement, which is a standard form used nationwide to file a public notice of a secured interest in a debtor's personal property. Both forms collect details about the debtor, the secured party, and the collateral involved in the transaction. The purpose of filing such a form is to inform interested parties of the secured party's interest in the property and to establish priority over other claimants in case of debtor default or bankruptcy.

Another document similar to the Indiana State 50181 form is the UCC-3 Financing Statement Amendment. The UCC-3 form is used for making amendments to an already filed UCC-1 Financing Statement, such as changes in the information about the debtor or secured party, assignment of the secured interest, or termination of the statement. Although the 50181 form primarily serves to initiate a filing, the UCC-3 is critical for maintaining the accuracy and relevance of the information over time. It shows how the management of a UCC filing is a dynamic process that may involve several adjustments post the initial filing.

Additionally, the Indiana State 50181 form shares similarities with the UCC-1Ad Financing Statement Addendum. This addendum accompanies the UCC-1 when additional space is needed to provide detailed information that does not fit on the primary form. It's particularly relevant for listing multiple debtors or secured parties, describing collateral in detail, or specifying collateral that falls within unique categories such as as-extracted collateral or fixtures. Both the 50181 and the UCC-1Ad are integral in ensuring comprehensive documentation of all aspects of a secured transaction, ensuring that the filing provides a full and clear notice to interested parties.

Dos and Don'ts

When completing the Indiana State 50181 form, attention to detail and adherence to instructions are critical. Here are essential dos and don'ts to guide you through the process:

  • Do ensure you use the debtor's exact full legal name, without abbreviations, to avoid any legal discrepancies or identification issues.
  • Don't combine or insert multiple debtor names in the sections designated for a single debtor's information, as this could lead to processing errors and potential delays.
  • Do provide a complete mailing address for both the debtor and the secured party to ensure all correspondence and legal documents are accurately directed.
  • Don't leave out details about the type of organization, jurisdiction of organization, or organizational ID number (if available); these details are crucial for accurately identifying the legal entity involved.
  • Do check the correct boxes that apply to your specific situation, such as whether the financial statement is filed in connection with a public finance transaction or if the debtor is a transmitting utility, to ensure compliance with specific legal requirements.
  • Don't overlook the addendum if your financial statement covers collateral that requires additional space for description, such as timber to be cut or as-extracted collateral, or if it's filed as a fixture filing.
  • Do use the optional filer reference data section in item 8 for your convenience, to include identifying information that might aid in the management or reference of the filing.
  • Don't insert any information in the spaces reserved for filing office use, as interference with these sections can lead to processing issues.

Following these guidelines meticulously will facilitate a smoother process and help prevent common mistakes that could impact the legal effectiveness of your filing.

Misconceptions

Understanding the Indiana State 50181 form, a UCC Financing Statement, is crucial for anyone engaged in securing interests in a debtor's personal property. However, several misconceptions can complicate its use. Here are six common misunderstandings and the truth behind them:

  • Only legal entities can be debtors. Both individuals and organizations can be listed as debtors on the 50181 form. It is essential to provide the exact full legal name, whether it’s an individual’s name (including first, middle, last, and any suffixes) or an organization’s name, respecting the form's specifications for each.
  • Any name type can be used for the debtor. The form specifically requires the debtor's legal name. This means using trade names, DBAs (Doing Business As), AKAs (Also Known As), or other informal names is incorrect. For organizations, consulting current charter documents for the proper legal name is advisable.
  • Address information is optional for the debtor. An address is always required for the debtor, whether an individual or an organization. This ensures there is a way to contact the debtor or send legal notices if necessary.
  • Filing does not apply to all types of collateral. The form is versatile and designed to cover a wide range of collateral types. Whether the collateral is tangible, like goods or equipment, or intangible, such as accounts receivable or general intangibles, it can be specified on the form or an attached addendum.
  • The form is only for the initial filing of a security interest. While the 50181 form is used to file a notice of a secured party’s interest, it can also be related to other transactions. For instance, if there is an assignment of the secured interest, an amendment (using form UCC3) may be required, underscoring the form's role in ongoing finance management.
  • It's not necessary to check the accuracy of information provided. Accuracy is paramount. The form warns that errors can have significant legal consequences. This is because the UCC financing statement is a public record that third parties may rely on to determine the existence or priority of security interests. Misinformation can lead to disputes or impair the secured party's rights.

Correctly understanding and using the Indiana State 50181 form is foundational for effectively securing interests in personal property. It ensures that the rights of secured parties are properly recorded and can be recognized legally, providing clarity and protection in commercial transactions.

Key takeaways

When completing the Indiana State Form 50181, also known as the UCC Financing Statement, it is essential to pay close attention to detail and carefully follow the instructions provided. This document plays a crucial role in the public recording of secured transactions involving personal property. Here are seven key takeaways to ensure the form is filled out correctly and effectively:

  • Enter Debtor's Full Legal Name Accurately: It is critical to provide the exact full legal name of the debtor, whether an organization (1a) or an individual (1b). Avoid abbreviations, trade names, or any other names that are not legally recognized. This accuracy is vital for the enforceability of the financing statement.
  • Include All Required Debtor Information: For organizational debtors, additional details such as the type of organization, jurisdiction of the organization, and organizational ID number (if available) are mandatory. This helps in clearly identifying the legal entity involved.
  • Secured Party Information: Just as with the debtor's details, the secured party's full legal name and mailing address need to be included. If there is a total assignment of the secured party's interest before the filing, this must be indicated appropriately.
  • Collateral Description: The form requires a detailed description of the collateral covered by the financing statement. If space is insufficient, additional pages or the provided Addendum (Form UCC1Ad) should be used to ensure a complete description.
  • Optional Acknowledgment: While optional, completing item B to request acknowledgment of the filing can provide a filer with confirmation and a record that the form has been officially filed. This can be helpful for record-keeping and verification purposes.
  • Fees and Attachments: Ensure that the correct fee is included with the filing and that any necessary attachments, such as additional debtor or secured party information, are properly formatted and attached. This includes completing the fees worksheet accurately to avoid processing delays.
  • Legal and Filing Office Advisories: The form makes it clear that filing office staff cannot provide legal advice. If there are uncertainties or complex issues involved in your filing, consulting with an attorney is advised. Additionally, nothing should be entered in the space reserved for filing office use at the top of the form.

Properly completing and filing the Indiana State Form 50181 is a significant step in securing a creditor's interest in the collateral offered by a debtor. It legally documents the arrangement and makes the information publicly accessible, thereby providing notice to third parties. Paying attention to the detailed instructions and being precise in filling out the form can prevent legal complications and ensure the security interest is effectively communicated and recognized.

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