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Blank Indiana State 50181 Form

The Indiana State 50181 form is a UCC Financing Statement used to secure interests in personal property. This form is essential for creditors to establish their rights in collateral offered by debtors. Completing it accurately is crucial, as errors can lead to significant legal complications.

Outline

The Indiana State Form 50181, commonly known as the UCC Financing Statement, serves as a vital tool for individuals and organizations looking to secure their interests in collateral. This form is essential for establishing a legal claim against a debtor’s assets, providing a clear record of the secured party's rights. It requires detailed information about the debtor, including their full legal name and mailing address, which must be entered accurately to avoid any legal complications. The form also allows for the inclusion of additional debtors and secured parties, ensuring that all parties involved are properly documented. Furthermore, it covers the specific collateral involved in the transaction, which can range from personal property to fixtures. Understanding the various sections of the form, such as the optional request for search reports and the designation of the type of organization, is crucial for effective filing. Additionally, the form includes provisions for addendums, allowing for further clarification or additional information when necessary. Properly completing the Indiana State Form 50181 not only helps in protecting financial interests but also ensures compliance with state regulations, making it an indispensable resource for anyone engaged in secured transactions.

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)
6.				(ADDITIONAL FEE) (optional)
	ESTATE RECORDS. Attach Addendum (if applicable)			(ADDITIONAL FEE) (optional)	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
	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

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
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:
13.	This FINANCING STATEMENT covers	timber to be cut
	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):
(if Debtor does not have a record interest):	17.	Check only if applicable and check only one box.
	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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Form Information

Fact Name	Fact Description
Form Purpose	The Indiana State Form 50181 is used to file a UCC Financing Statement, which establishes a secured party's interest in a debtor's collateral.
Filing Fee	The standard fee for filing the first two pages of the form is $4.00. Additional pages incur extra charges.
Debtor Identification	Only one debtor's exact legal name should be entered in the designated section. Abbreviations or combined names are not allowed.
Secured Party Information	The form requires the name of the secured party. It can be either an organization or an individual, but only one secured party name should be provided.
Collateral Description	Item 4 of the form must specify the collateral covered by the financing statement. If space is insufficient, additional descriptions can be provided on an addendum.
Additional Debtors	If there are additional debtors, their information can be included in the designated section, following the same format as the primary debtor.
Governing Law	The Indiana UCC Financing Statement is governed by the Indiana Uniform Commercial Code (UCC), which outlines the rules for secured transactions.
Acknowledgment Request	Filers can request an acknowledgment of the filing by completing a specific section on the form. This is optional but recommended for record-keeping.

Detailed Guide for Filling Out Indiana State 50181

After gathering the necessary information, you can begin filling out the Indiana State 50181 form. It’s important to ensure that all details are accurate, as mistakes can lead to complications. Follow the steps below to complete the form correctly.

Provide the name and phone number of a contact person at the filer (optional).
In item B, enter the name and address where you want the acknowledgment sent.
For Debtor’s name (item 1), insert either the organization’s name (1a) or the individual’s name (1b). Do not abbreviate or combine names.
Complete the mailing address for the Debtor in item 1c, including city, state, postal code, and country.
Provide additional details about the Debtor in items 1e, 1f, and 1g, including the type of organization, jurisdiction, and organizational ID number if applicable.
If there is an additional Debtor, fill out item 2 in the same manner as item 1.
For the Secured Party’s name (item 3), enter either the organization’s name (3a) or individual’s name (3b). Complete the mailing address in item 3c.
In item 4, describe the collateral covered by this financing statement.
If applicable, check the appropriate box in item 5 for alternative designations (e.g., lessee/lessor).
Indicate in item 6 whether this financing statement is to be filed in the real estate records.
In item 7, check the box if you want to request search reports on the Debtors. Note that there may be an additional fee.
Complete item 8 with any optional reference data for your records.
Calculate the filing fee as indicated at the bottom of the form and enter the total amount due.
Review the form for accuracy, ensuring all information is complete and legible.
Detach the copies as instructed and send the filing office copy along with the payment to the appropriate filing office.

Obtain Answers on Indiana State 50181

What is the Indiana State Form 50181?

The Indiana State Form 50181 is a UCC Financing Statement used to secure interests in personal property. It is a legal document that allows creditors to establish a claim on a debtor's assets. This form must be filled out accurately and filed with the appropriate office to ensure that the secured party's interest is legally recognized.
Who should fill out the form?

The form should be completed by the secured party or their representative. This includes individuals or organizations that are lending money or extending credit and wish to secure their interest in the debtor's property. It is important that the person filling out the form has accurate information regarding the debtor and the collateral involved.
What information is required on the form?

The form requires several key pieces of information, including:
- The exact full legal name of the debtor (either an organization or an individual).
- The mailing address of the debtor.
- The name and address of the secured party.
- A description of the collateral being secured.
It is crucial that all names and addresses are accurate and complete to avoid any legal issues.
What happens if I make a mistake on the form?

Errors on the Indiana State Form 50181 can have significant legal consequences. If the debtor's name or any other critical information is incorrect, it may affect the enforceability of the security interest. If a mistake is discovered after filing, an amendment may need to be filed using a UCC Amendment form (UCC3) to correct the information.
How much does it cost to file the form?

The filing fee for the Indiana State Form 50181 is $4.00 for the first two pages. If the form exceeds two pages, additional fees may apply. For specific transactions, such as public finance or mobile home transactions, the fee is $8.00 plus the base fee. Payment must accompany the form when it is submitted.

Common mistakes

Filling out the Indiana State 50181 form can be straightforward, but many people make mistakes that can lead to delays or complications. One common error is abbreviating names. It is crucial to enter the exact full legal name of the debtor without any abbreviations. This includes both organizations and individuals. For organizations, ensure that the name matches the one on their charter documents. Individuals should avoid using titles like Mr. or Mrs. and should only include their legal name.

Another frequent mistake involves the mailing address. It’s essential to provide a complete and accurate mailing address for the debtor. Omitting parts of the address or providing an outdated one can hinder communication and lead to issues with the filing. Additionally, ensure that the address format follows the standard conventions, including city, state, and postal code.

Many filers overlook the importance of including the organizational ID number, if applicable. This number is different from a tax ID and must be entered correctly. If the debtor does not have an organizational ID, be sure to check the appropriate box indicating “none.” This small detail can save time and prevent confusion during processing.

Another common oversight is failing to check the appropriate boxes for the type of filing. Whether it’s a fixture filing or involves timber to be cut, the correct designation must be made. This helps clarify the nature of the filing and ensures it is processed correctly. If you are unsure about which box to check, reviewing the instructions carefully can provide clarity.

Additionally, many people forget to provide detailed descriptions of the collateral. If the space provided on the form is insufficient, it’s advisable to use an addendum to continue the description. This ensures that all relevant information is included and can help avoid any legal disputes in the future.

Furthermore, not detaching the appropriate copies can lead to complications. Always detach the debtor and secured party copies as instructed. This is essential for maintaining accurate records and ensuring that all parties have the necessary documentation.

Another mistake is neglecting to complete the optional acknowledgment section. If you want confirmation that your filing was received, fill out this section. It’s a simple step that can provide peace of mind.

Lastly, many filers do not take the time to read all instructions thoroughly. Each section of the form has specific requirements that are crucial for proper completion. Taking a moment to review these instructions can help avoid many common pitfalls.

Documents used along the form

The Indiana State 50181 form, also known as the UCC Financing Statement, is a critical document used to establish a secured party's interest in the collateral of a debtor. Along with this form, several other documents are often utilized to ensure comprehensive and accurate filing. Each of these documents serves a specific purpose in the context of securing financing and protecting the rights of involved parties.

UCC Financing Statement Addendum (Form UCC1Ad): This addendum is used to provide additional information about the debtor, secured party, or collateral that cannot be accommodated within the main financing statement. It allows for the inclusion of more debtors or secured parties and can also describe additional collateral in detail.
Amendment Form (Form UCC3): This form is utilized to amend an existing UCC Financing Statement. Changes may include updating the name of the debtor, altering the collateral description, or changing the secured party. It ensures that the financing statement remains accurate and reflects current information.
Search Report Request Form: This document is used to request a search report on the debtor. It lists all financing statements filed against the debtor at the time of the report. This is particularly useful for lenders to assess existing claims against the debtor’s assets before proceeding with financing.
Continuation Statement (Form UCC3): When a UCC Financing Statement is about to expire, a continuation statement can be filed to extend its effectiveness. This is essential for maintaining the secured party's interest in the collateral over time.

These forms and documents work in conjunction with the Indiana State 50181 form to create a clear and legally binding framework for securing interests in collateral. Proper use and understanding of these documents are vital for both debtors and secured parties in navigating the complexities of secured transactions.

Similar forms

UCC Financing Statement (Form UCC1): This document serves a similar purpose as the Indiana State 50181 form. Both are used to secure interests in collateral and require detailed information about debtors and secured parties.
UCC Financing Statement Amendment (Form UCC3): Like the Indiana State 50181, this form allows for modifications to previously filed financing statements, ensuring that changes in debtor or secured party information are accurately recorded.
UCC Financing Statement Addendum (Form UCC1Ad): This addendum complements the Indiana State 50181 form by providing additional space for collateral descriptions or more debtors and secured parties, just as the addendum does for the UCC1.
Real Estate Financing Statement: This document is similar in that it also secures interests in real property. Both require detailed information about the parties involved and the collateral being secured.
Security Agreement: A security agreement outlines the terms under which a debtor grants a secured party a security interest in collateral. Like the Indiana State 50181, it formalizes the relationship and obligations between the parties.
Chattel Mortgage: This document secures a loan with personal property. Similar to the Indiana State 50181, it establishes the lender's rights to the collateral in case of default.
Notice of Lien: This document is filed to inform others of a claim against a debtor's property. It serves a similar purpose to the Indiana State 50181 by protecting the secured party's interest in the collateral.

Dos and Don'ts

When filling out the Indiana State 50181 form, it’s essential to follow guidelines to ensure accuracy and compliance. Here’s a helpful list of things to do and avoid:

Do read all instructions carefully, both front and back.
Do provide the exact full legal name of the debtor without abbreviations.
Do include a complete mailing address for the debtor.
Do check the appropriate boxes for any special designations, such as lessee or lessor.
Do ensure that all information is legible and clearly typed or printed.
Don't insert anything in the open space at the top of the form; it is for filing office use only.
Don't use trade names or other informal titles instead of the legal name of the debtor.
Don't leave any required fields blank; all sections must be completed as necessary.
Don't forget to attach any required addendums if additional information is needed.

By following these do's and don'ts, you can help ensure that your form is filled out correctly and processed without unnecessary delays.

Misconceptions

Understanding the Indiana State 50181 form, commonly known as the UCC Financing Statement, is crucial for proper filing and compliance. However, several misconceptions often lead to confusion. Here are seven common misconceptions about this form:

Misconception 1: The form can include multiple debtors without restrictions.

In reality, the Indiana State 50181 form allows for only one debtor per section. If additional debtors are necessary, they must be added using an Addendum.

Misconception 2: Any name can be used for the debtor.

It is essential to use the debtor’s exact full legal name. Abbreviations or trade names are not acceptable, as they may lead to legal complications.

Misconception 3: The filing office will correct any mistakes made on the form.

The filing office does not have the authority to make corrections. Mistakes can have significant legal consequences, making it crucial to fill out the form accurately.

Misconception 4: The form does not require an address for the debtor.

An address is mandatory for the debtor listed on the form. This information is necessary for proper identification and communication.

Misconception 5: Filing fees are the same for all types of transactions.

Fees vary depending on the nature of the transaction. For example, a statement filed in connection with a public finance transaction incurs a higher fee than a standard filing.

Misconception 6: The form is only for secured transactions.

While primarily used for secured transactions, the form can also accommodate other designations, such as lessee/lessor and consignee/consignor, depending on the nature of the agreement.

Misconception 7: Acknowledgment of filing is automatic.

To receive an acknowledgment, the filer must complete the appropriate section on the form. This step is optional but recommended for record-keeping purposes.

Being aware of these misconceptions can help filers navigate the complexities of the Indiana State 50181 form more effectively. Accurate completion of the form is vital for ensuring legal protections and compliance with state regulations.

Key takeaways

When filling out the Indiana State 50181 form, also known as the UCC Financing Statement, there are several important points to keep in mind. Here are five key takeaways to ensure your form is completed accurately and effectively:

Accurate Debtor Information: Always enter the debtor's exact full legal name in the designated section. This includes either an organization’s name or an individual’s name. Avoid abbreviations or combining names, as this could lead to complications.
Mailing Address is Essential: A complete mailing address for the debtor is required. This ensures that any future correspondence regarding the financing statement can be directed appropriately.
Collateral Description: Clearly describe the collateral covered by the financing statement. If there isn’t enough space, you can use an addendum to provide a complete description.
Filing Fees: Be aware of the filing fees associated with the form. The first two pages typically cost $4.00, and additional pages may incur extra charges. Make sure to include the correct payment when submitting your form.
Optional Acknowledgment: If you wish to receive an acknowledgment of your filing, complete the optional section for acknowledgment. This will help you keep track of your submission and confirm that it has been processed.

Taking the time to carefully complete the Indiana State 50181 form can save you from potential legal issues down the line. Always double-check your entries, and when in doubt, consult a legal professional for guidance.