The Utah UCC 1 Financing Statement Addendum Form is a document used to extend the original UCC 1 Financing Statement. It is used to add additional information, such as the names of secured parties, additional collateral, or amendments to the original statement. The form must be signed by the debtor and must be filed with the Secured Party Registry in order to be valid. There are two types of Utah UCC 1 Financing Statement Addendum Forms: one for new collateral and one for amendments to an existing UCC 1 Financing Statement. Both forms are used to update the information contained in the original UCC 1 Financing Statement.
Utah UCC 1 Financing Statement Addendum Form
State:
Utah
Control #:
UT-SKU-0176
Format:
PDF
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UCC 1 Financing Statement Addendum Form
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FAQ
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.
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
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.
When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
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.
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.
Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)
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If this Addendum adds an additional Debtor, complete item 10 in accordance with Instruction 1 of Financing. Statement (Form UCC1).If this Addendum adds an additional Debtor, complete item 11 in accordance with Instruction 1 of Financing Statement. To include further additional. Items 1 - 7 — Instructions for National UCC Financing Statement (Form UCC1). Please type or laser-print this form. The following PDF forms are provided to assist with your UCC processing. If this Amendment (Form UCC3) is to be filed in the real estate records, complete the required information. (items 15, 16, and 17). UCC FINANCING STATEMENT (Form UCC1) (Rev.