The Cambridge, Massachusetts UCC1 Financing Statement is a legal document that serves as a crucial component of secured transactions in the city. UCC1 stands for Uniform Commercial Code 1, which is a standard form developed by the American Law Institute (ALI) and the Uniform Law Commission (ULC) to harmonize commercial laws across different states. This financing statement is designed to provide public notice to interested parties about a creditor's security interest in a debtor's personal property. It establishes a priority claim on the debtor's assets and helps lenders safeguard their interests in case of defaults or bankruptcy. There are several types of Cambridge, Massachusetts UCC1 Financing Statements, each suited for different purposes: 1. Initial Financing Statement: This is the primary document filed by a creditor to officially begin the secured transaction process. It discloses essential information, including the debtor's name and address, the creditor's name and address, a description of the collateral (personal property against which the security interest is claimed), and any optional additional information. 2. Amendment Statement: This document is filed when changes need to be made to the original financing statement. Amendments can be made to correct errors, modify collateral descriptions, update debtor or creditor information, or extend the original filing duration. Amendments ensure the accuracy and currency of the UCC1 filing. 3. Continuation Statement: A continuation statement is filed to extend the effectiveness of a financing statement beyond its initial five-year duration. It allows the creditor to maintain priority over the collateral for an extended period, typically five years from the initial filing's expiration. Continuation statements must be filed before the original statement lapses to preserve the creditor's rights. 4. Termination Statement: A termination statement is filed by the creditor to officially terminate the UCC1 Financing Statement. This document removes the creditor's security interest declaration from public record, clearing the collateral for subsequent transactions or releasing the debtor from their obligations. By filing a Cambridge, Massachusetts UCC1 Financing Statement, creditors can protect their claim on a debtor's personal property, ensure priority in case of competing claims, and facilitate transparent commerce within the city. It provides clarity and security to businesses, lenders, and individuals engaging in secured transactions within Cambridge, Massachusetts.