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Appropriate Office to File a Financing Statement

23. Where is the appropriate office to file a financing statement?

Financing statements covering goods are generally filed or processed through the state secretary of state’s office. Some states, however, require that the financing statement be physically filed at the local courthouse where the debtor is located. If the debtor is a business entity, the appropriate location for filing the jurisdiction where the debtor is organized. If the collateral is real estate, timber, as-extracted collateral, or fixtures, the financing statement must be filed in the local public property records. Financing statements covering goods and real estate converge when personal property becomes a fixture. In such cases, the financing statement covering goods may need to be filed in the real property records where the real estate is located.

•    Discussion: Why do you think financing statements covering goods are filled in a central government office? Why do you think financing statements covering real estate are filed in the local office of property records?

•    Practice Question: Sean finances the sale of a piece of equipment to Zoey. He now wants to record as security interest in the collateral. Where should Sean file the security interest?

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