This form is filed in order to "perfect" a creditor's security interest by giving public notice that there is a right to
take possession of and sell certain assets for repayment of a specific debt with a certain priority.
Once the form has been filed, the creditor establishes a relative priority with other creditors of the debtor.
A financing statement may also be filed in the real estate records by a lessor of fixtures to establish the priority of
the lessor's rights against a holder of a mortgage or other lien on the real property.