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The Indiana State Form 50181, known as the UCC Financing Statement, is a crucial document filed to perfect a security interest under the Uniform Commercial Code as adopted in Indiana. Approved by the State Board of Accounts in 2001, this form serves as a public notice by the secured party of its interest in the collateral offered by a debtor. The form requires detailed information about the debtor and secured party, including full legal names, addresses, and, if applicable, organizational details such as the type of organization, jurisdiction of organization, and organizational ID number. Additionally, it outlines the collateral covered under the security agreement, offering options for alternative designations like lessee/lessor or seller/buyer relationships. The statement can also be used for fixtures filings or to indicate interest in timber to be cut or as-extracted collateral, requiring additional descriptions and details about the real estate involved. For those seeking further confirmation of filing, the form includes an option to request search reports for an additional fee, which will list all financing statements on file against a designated debtor. Filers are advised to follow the instructions carefully to avoid mistakes that could have significant legal consequences and are reminded that consulting an attorney might be beneficial as filing office staff cannot provide legal advice. Whether it's for public finance transactions or mobile home transactions, the form specifies distinct filing requirements, including an attached addendum for additional debtors or secured parties, which, like the primary form, necessitates precision in the presentation of information to ensure compliance and effectiveness in establishing a secured interest.

Example - 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.

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File Information

Fact Name Description
Form Identifier Indiana State Form 50181
Form Type UCC Financing Statement
Approval Approved by State Board of Accounts, 2001
Usage Instructions Instructions are provided for both the front and back; careful compliance is imperative.
Key Sections Debtor information, Secured Party information, collateral description, and optional filer reference data.
Governing Laws Regulated under the applicable Commercial Code for UCC (Uniform Commercial Code) filings in Indiana.

How to Fill Out Indiana State 50181

Completing the Indiana State Form 50181, the UCC Financing Statement, is vital for documenting a secured transaction. This process must be approached with precision to ensure full compliance and to prevent legal complications. Following the instructions provided on the form itself is essential, as errors or omissions can affect the legal effectiveness of the filing. Here’s a clearly structured guide to assist in filling out the form accurately.

  1. Review the form: Start by reading the entire form to understand the information and documentation required.
  2. Section A - Contact Information: (Optional) If you wish, provide the name and phone number of a contact person at the filer’s organization.
  3. Section B - Acknowledgment: Fill out the name and address where the acknowledgment of the filed form should be sent. This is essential for receiving confirmation that the form has been officially filed.
  4. Debtor Information (Section 1): Enter the debtor's exact full legal name and address. Choose between an organization (1a) or an individual (1b). Do not abbreviate names or merge first and last names. For organizations, also include the type (1e), jurisdiction (1f), and organizational ID number (1g), if available. If the ID number isn’t available, note it as 'NONE'.
  5. Additional Debtor (Section 2): If there’s an additional debtor, repeat the process used in Section 1, adhering to the same details and precision.
  6. Secured Party (Section 3): Enter the secured party's or assignee's name and address information, selecting either an organization (3a) or an individual (3b).
  7. Collateral Description (Section 4): Clearly describe the collateral that is being secured with this financing statement. If the space is insufficient, attach additional pages or an addendum with the continuation of the description.
  8. Alternative Designation (Section 5, if applicable): This section allows for alternative roles to be noted, such as lessee/lessor. Check the appropriate box if applicable.
  9. Record Filing (Section 6): If this filing involves real estate, check the corresponding box and attach the necessary real estate information.
  10. Search Report Request (Section 7): Optional. Check if you require a search report and for which debtor.
  11. Filer Reference Data (Section 8): Enter any additional identification or reference information you wish to include for your records.
  12. Addendum (if applicable): If you need to provide additional information on the first debtor, secured party, or collateral, use the UCC Financing Statement Addendum. Include the name of the first debtor (9), additional debtor (11), or secured party (12) information, according to the same instructions.
  13. Sign and Date: Once all the information has been accurately provided, sign and date the form.
  14. Payment and Submission: Calculate the fees based on the instructions provided, including any additional pages. Submit the completed form along with the correct payment to the designated filing office.

After the form has been submitted, it’s crucial to follow up to ensure that the filing has been accepted and recorded without errors. Keeping a copy for your records is always recommended.

Things to Know About Indiana State 50181

What is the purpose of the Indiana State 50181 form?

The Indiana State 50181 form, also known as a UCC Financing Statement, is used to record a security interest in the personal property of a debtor to secure repayment of a debt. It is a legal document that establishes a public record of the secured party's interest in the debtor's property. This form is essential for secured transactions under the Uniform Commercial Code (UCC) to ensure the rights of secured parties against third parties regarding the collateral described in the document.

Who needs to file the Indiana State 50181 form?

Any secured party seeking to perfect a security interest in collateral owned by a debtor should file the Indiana State 50181 form. This typically includes lenders, financing companies, or any entities that provide credit secured by personal property. Filing this form is critical for establishing priority over other creditors and providing public notice of their secured interest in the debtor's property.

How does one complete the Debtor's information correctly on the form?

Completing the debtor's information correctly is crucial for the validity of the filing. For an organization, item 1a requires the exact full legal name of the organization, and for an individual, item 1b requires the individual’s exact full legal name without abbreviations or nicknames. For both types of debtors, a physical address must be provided in item 1c. Any additional information regarding the type of organization, jurisdiction, and organizational ID number must also be accurately filled in to ensure proper identification of the debtor.

Can additional debtors or secured parties be added to the form?

Yes, additional debtors or secured parties can be added to the Indiana State 50181 form. If there is more than one debtor, the additional debtor's information should be completed in section 2 or on an attachment if more space is required. Similar provisions apply for additional secured parties. It's important to follow the same careful instructions for additional debtors or secured parties to ensure the legal accuracy and effectiveness of the filing.

What is the significance of the collateral description on the form?

The collateral description in item 4 of the form is critically important as it specifies the personal property subject to the security interest. The description should be detailed and specific enough to make it identifiable. This includes, but is not limited to, detailed descriptions of item types, serial numbers for identifiable items, or a broader category description for types of assets. Accurate and thorough collateral descriptions are necessary to protect the interests of the secured party.

Is there an option to request search reports on debtors when filing this form?

Yes, item 7 on the form provides an option to request search reports on the debtors. This request involves an additional fee and will result in a report listing all financing statements on file against the designated debtor(s). This can be an essential step for a secured party to assess the encumbrances already existing on the debtor's property and to determine the priority of their security interest.

What are the filing fees for the Indiana State 50181 form?

The initial filing fees for the Indiana State 50181 form are specified on the form itself. The first two pages of a filing are $4.00, with an additional $4.00 charge if the document exceeds two pages. If the filing is in connection with a public finance transaction or a mobile home transaction, there is an $8.00 charge plus the standard filing fee. It is imperative to include the correct amount to avoid delays in processing.

How should additional attachments or addendums be included with the form?

If additional space is needed to complete any part of the form, including debtor information, secured party information, or additional collateral descriptions, attachments or an addendum form (UCC1Ad) should be used. Each attachment or addendum must include at the top the name of the first debtor exactly as it appears in item 1 of the form to ensure all parts of the filing are properly associated. This ensures completeness and clarity of the information provided in the financing statement.

Common mistakes

Completing the Indiana State Form 50181, a UCC Financing Statement, is a common procedure in the United States for securing transactions. However, individuals often encounter pitfalls that can compromise the efficacy of the document, impede the intended transactions, or even lead to legal complexities. Being aware of frequent mistakes can help in avoiding them.

One of the first mistakes is providing inaccurate debtor names. The form clearly distinguishes between individual and organizational debtors, requiring the exact full legal name. For individuals, this includes the first name, middle name(s), and last name without abbreviations. For organizations, it involves the legal name as registered, which could be overlooked if not checked against current charter documents or similar records. Ensuring the name accuracy is paramount; an error here could nullify the filing’s effectiveness.

  1. Failure to use the debtor's exact full legal name: The form mandates the insertion of the debtor's precise legal name, without abbreviations or alterations. Misnaming can lead to document rejection or incorrect filing.
  2. Inputting incorrect organizational details: For organizations, specific information like the type of organization, jurisdiction, and an organizational ID number (if applicable) is required. Providing inaccurate or incomplete information can compromise the form's validity.
  3. Omitting or inaccurately entering the secured party’s information: Just as with the debtor’s details, the accuracy of the secured party's information is critical. This includes the correct name and mailing address. An oversight here can lead to difficulties in enforcing the agreement.
  4. Incorrectly describing collateral: The form provides a section for detailing the collateral covered by the financing statement. A common mistake is providing vague or incomplete descriptions, which can hinder the legal enforceability of the security interest.
  5. Sending the form to the wrong office or with incorrect fees: Ensuring the form is sent to the appropriate filing office with the correct fee is crucial. Errors in submission can delay processing times and affect the filing's legal standing.
  6. Not using an addendum when necessary: For additional debtors or secured parties, or to provide a detailed description of the collateral or real estate concerned, an addendum is required. Failing to attach this can result in an incomplete filing.
  7. Overlooking optional elements that might be beneficial: While certain sections are optional, such as requesting search reports on the debtor, they might provide valuable insights or legal protections for the filing party. Neglecting these options can be a missed opportunity.

To mitigate these mistakes, close attention should be paid to each section of the form. Consultation with legal counsel is advised to ensure that all data is accurate and all potential legal benefits are achieved. Furthermore, the filing should be reviewed for completeness and compliance with the specific requirements of the jurisdiction where it is being filed, including any unique procedural stipulations or additional information that must be disclosed.

In summary, although the process of completing and filing a UCC Financing Statement may appear straightforward, attention to detail is crucial. By avoiding the common pitfalls outlined, filers can better protect their interests and ensure the security of their transactions.

Documents used along the form

When dealing with legal documents, especially in complex transactions, it's essential to understand not only the primary form you're working with but also any additional documents that may be required or beneficial to the process. In the case of the Indiana State 50181 form, which is a UCC Financing Statement, there are several other forms and documents you may need to familiarize yourself with to ensure a thorough and accurate filing process.

  • UCC1Ad Addendum (State Form 50183): This addendum is often used along with the main UCC Financing Statement. It provides additional space for more detailed information about the debtor or the secured party that cannot fit on the main form.
  • Amendment (UCC3): This document is crucial for making any amendments to the original UCC Financing Statement, including changes to the debtor's information, secured party's information, or the collateral described.
  • Continuation Statement (UCC3): Used to extend the validity of the original UCC Financing Statement, this form is essential to maintain a secured party's interest in the collateral beyond the initial five-year filing period.
  • Release (UCC3): When a debt secured by a UCC Financing Statement is satisfied, this form is filed to terminate the secured party's interest in the collateral.
  • Assignment (UCC3): This document is used if the secured party wishes to assign its rights and interests in the collateral to another party.
  • Search Request (UCC11): Before filing a UCC Financing Statement, or during the process, parties may submit this form to request a search of the UCC records. This ensures there are no existing conflicts or prior claims on the collateral.

Understanding how each of these documents interacts with the primary Indiana State 50181 form can streamline the filing process and protect the interests of all parties involved. Always consult with a professional to ensure you're using the correct forms and following the state's filing requirements accurately.

Similar forms

The Indiana State 50181 form is similar to the National UCC Financing Statement (Form UCC1) that is used across the United States to file a uniform commercial code (UCC) financing statement. This similarity exists because both forms serve the primary function of publicizing the secured interest a creditor holds in the debtor's collateral. This notification helps to establish the priority of the creditor's claim against the collateral in case of default by the debtor. The form requires detailed information about the debtor, secured party, and the collateral, ensuring that all parties involved have clarity on the financial agreement. Details such as the debtor's exact full legal name, mailing address, type of organization, and jurisdiction, along with similar information for the secured party, are crucial for the filing's validity, as mistakes may affect the legal standing of the UCC filing.

Another document that the Indiana State 50181 form is reminiscent of is the UCC Financing Statement Addendum (Form UCC1Ad), which supplements the initial UCC financing statement. The UCC1Ad form allows for the inclusion of additional information that might not fit in the primary financing statement form, such as more detailed descriptions of collateral or additional debtors and secured parties. It is specifically designed to accommodate more complex transactions that can't be fully described in the space provided on the standard UCC1 form. This addendum is critical in situations where the collateral is timber to be cut or as-extracted collateral, or in the case of fixture filings. It also provides space for indicating the involvement of trusts or decedent's estates and for detailing public-finance or manufactured-home transactions, demonstrating its versatility and importance in the UCC filing process.

Dos and Don'ts

When you're filling out the Indiana State 50181 form, it's important to get everything right the first time. This form plays a crucial role in securing transactions and ensuring that all parties are on the same page. Here are some dos and don'ts to help guide you through the process:

Do:

  1. Read all instructions carefully before you begin. This can save you from making avoidable errors.
  2. Type or laser-print the form to ensure that all information is legible and clear. Handwritten forms can be difficult to read.
  3. Enter the debtor's exact full legal name without abbreviations or nicknames. This is crucial for the form's validity.
  4. Use the correct name format for both organization and individual debtors as specified in the instructions.
  5. Complete the mailing address section thoroughly, including city, state, postal code, and country.

Don't:

  1. Combine or abbreviate names in the debtor and secured party sections. Always use the legal names.
  2. Leave any required fields blank. If a section doesn’t apply, insert “N/A” or “None” as instructed.
  3. Forget to check the appropriate boxes for special conditions such as trusts, transmitting utilities, or fixture filings.
  4. Ignore the instruction to use an Addendum (Form UCC1Ad) if you need more space. Attach additional pages as needed, ensuring they are properly formatted.
  5. Submit the form without double-checking all information for accuracy and completeness. Mistakes can have legal consequences.

By following these guidelines, you can fill out the Indiana State 50181 form confidently, knowing you’ve taken the right steps to ensure accuracy and compliance.

Misconceptions

Understanding legal forms can be tricky, and the Indiana State 50181 form, used for Uniform Commercial Code (UCC) financing statements, is no exception. There are several misconceptions about this form and its requirements. Let’s clear up some of the most common misunderstandings.

  • It’s only for businesses: A common misconception is that this form is solely for businesses. While it is often used by organizations to secure financing, it’s also applicable for individual debtors, especially when securing transactions with personal property as collateral.
  • Abbreviations and combined names are acceptable: Some people think it's okay to abbreviate or combine names on the form. However, the form explicitly requires the debtor’s exact full legal name without abbreviations or combinations of names.
  • Trade names are sufficient: Another misunderstanding is that a trade name, DBA, AKA, FKA, division name, etc., can be used in place of the debtor’s legal name. The form requires the legal name; using a trade name instead could invalidate the filing.
  • Submission without a fee is acceptable: Filing this form without the appropriate fee is a common error. The form lists specific fees that must accompany the form for it to be processed.
  • You don't need to send a filing office copy: There's a misconception that the filing office copy doesn’t need to be sent. In reality, the filing office copy, along with the required fee, must be sent to the filing office for the form to be properly filed.
  • Any paper size is acceptable for attachments: While some may think they can use any paper size for attachments, the form encourages using 8-1/2 X 11 inch sheets for any additional information to ensure consistency and legibility.
  • An acknowledgment is optional: Many assume completing item B for an acknowledgment is optional. While technically true, submitting this information is crucial for receiving confirmation of the filing, which serves as proof the form was filed and processed.

Correctly understanding and filling out the Indiana State 50181 form is essential to ensure the intended security interests are properly recorded and enforceable. Avoiding these misconceptions can save time and prevent legal issues related to commercial transactions.

Key takeaways

Filling out the Indiana State 50181 form, a UCC Financing Statement, requires careful attention to detail to ensure accuracy and legality. Here are some key takeaways to consider:

  • Before you start, read the instructions thoroughly. Any oversight can lead to significant legal consequences, potentially impacting the security interest's enforceability.
  • Ensure you use the debtor's exact full legal name. Using an abbreviated, altered, or incorrect name can invalidate the filing. This applies to both organizations and individual debtors.
  • For organizations, additional information such as the type of organization, jurisdiction, and organizational ID number (if applicable) is mandatory. This information helps in establishing the debtor's legal identity clearly.
  • Including the name and address of the secured party or assignee is crucial for establishing who has the security interest in the collateral.
  • Be precise when describing the collateral. If the space provided on the form is insufficient, use the addendum or additional sheets, ensuring the first debtor's name appears at the top.
  • Selecting the appropriate alternative designation in item 5 allows for clearer definition of the relationship between parties, especially in non-UCC security interest filings.
  • If applicable, indicate whether the financing statement is filed as a fixture filing or relates to as-extracted collateral. This involves providing a detailed description of the real estate concerned.
  • Considering the option to request search reports can provide insight into any existing filings against the debtor, offering a layer of due diligence for the secured party.
  • Optional filer reference data in item 8 can be used for internal tracking or reference purposes, aiding in recordkeeping and future inquiries.

Remember, filling out the form accurately and providing all required attachments is critical to the effectiveness of the UCC Financing Statement. When in doubt, consulting with a legal professional can help navigate these complexities.

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