A Kentucky UCC Financing Statement Additional Party is an individual or entity that is added to a Kentucky UCC Financing Statement as an additional debtor, secured party, or other third-party participant. There are three main types of Kentucky UCC Financing Statement Additional Parties: (1) Additional Debtor: an additional debtor is a party who has an interest in the collateral being used to secure the debt; (2) Additional Secured Party: an additional secured party is a party who has an interest in the collateral as a security for the debt; and (3) Other Third-Party Participant: another third-party participant is a party who has some other interest in the collateral, such as a lien holder or assignee. Kentucky UCC Financing Statement Additional Parties are added to the filing to ensure that all parties with an interest in the collateral are properly identified.
Kentucky UCC Financing Statement Additional Party
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How to fill out Kentucky UCC Financing Statement Additional Party?
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FAQ
The first UCC-1 filer holds a first-position lien, the second filer has a second-position lien and so forth. Usually, the first-position lien must be completely satisfied before the second-position lien holder can receive any remaining collateral.
Generally, the debtor must first make a formal (or authenticated) demand to the secured party of record to terminate the UCC-1. This process involves sending a signed written request to the secured party of record demanding for said party to file a UCC-3 termination 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 debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.
An Example of a UCC Lien Filing If you secure equipment financing, the lender will file a UCC lien to state that if the debt for the espresso machine is not repaid, the lender has the right to repossess the espresso machine or seize other assets from your business.
The Grantor is any person conveying or encumbering, whom any Lis Pendens, Judgments, Writ of Attachment, or Claims of Separate or Community Property shall be placed on record.
How to complete a UCC1 (Step by Step) Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
Assignment When a secured party needs to assign or transfer all or a portion of its rights to the collateral listed in a UCC-1 financing statement. It is considered an alteration of the previous filing.