Financing Statement Addendum Forms

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Commonly Asked Questions about Financing Statement Addendum Forms

What is a financing statement in real estate?

Essentially, a UCC-1 can be described as a financing statement. In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtors personal property.

What applies to the UCC?

The UCC applies to contracts for the sale of goods to or by a merchant. Under the UCC, additional consideration is not necessary to modify a written contract, as long as the modification is entered into in good faith.

What is an UCC financing statement amendment?

Amendment means a UCC record that amends the information contained in a financing statement. Amendments include assignments, continuations and terminations.

What are UCC forms?

A. The UCC-1 form is used to establish a creditors claim on personal property as collateral. By filing this form, creditors notify the public and other potential creditors of their interest in specific assets. It creates a public record that determines the priority of competing claims.

What is the purpose of a UCC-3 filing?

A UCC-3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.

What is a UCC used for?

Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtors assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the creditor of the creditors interest in the property.

What is an UCC addendum for?

To include further additional Debtors, attach either an additional Addendum (Form UCC1Ad) or Additional Party (Form UCC1AP) and follow Instruction 1 of Financing Statement for determining and formatting additional names.

What are the benefits of filing a UCC?

What are the benefits after filing a UCC-Uniform Commercial Code-1 (UCC-1) statement? Filing a UCC-1 allows creditors to collateralize (or secure) their loan by utilizing the personal property assets of their customers (debtors).