The Eugene Oregon UCC1 Financing Statement Addendum is a crucial document used in commercial transactions to provide additional information or amendments to the UCC1 financing statement. It is an essential tool used by lenders and borrowers to ensure legal compliance and protect their interests. The UCC1 Financing Statement Addendum is an extension of the UCC1 financing statement, which is a standardized form used to create a public record of a security interest in personal property. It acts as a notice to potential creditors and buyers that a particular asset has been pledged as collateral to secure a loan. In Eugene, Oregon, there are two different types of UCC1 Financing Statement Addendum that may be utilized based on specific requirements: 1. Amendment Addendum: This addendum is used to modify or update information within the original UCC1 financing statement. It may include supplementary details such as changes in debtor or secured party information, amendments to the collateral description, terminations, or name changes. Lenders and borrowers often use this addendum to correct any errors or make necessary adjustments to ensure the accuracy of the UCC1 filing. 2. Identification Addendum: This addendum is utilized when the original UCC1 financing statement lacks sufficient information to properly identify the collateral. It allows the secured party to provide additional details regarding the collateral, ensuring that the asset is readily identifiable and accurately described. This addendum is crucial to avoid any confusion or disputes over the identification of the pledged property. Both types of UCC1 Financing Statement Addendum play a vital role in preserving the secured party's rights and maintaining accurate public records. These addenda ensure transparency and enable potential creditors or buyers to assess the priority of security interests in personal property. In conclusion, the Eugene Oregon UCC1 Financing Statement Addendum is an essential document used to modify, update, or clarify information within the UCC1 financing statement. The amendment addendum allows for changes to debtor or secured party details, collateral description, terminations, or name changes. On the other hand, the identification addendum is used to provide additional information on the collateral to avoid any ambiguity. Adhering to the regulations related to these addenda is crucial for lenders and borrowers to ensure legal compliance and protect their interests in commercial transactions.