Effective Financing Statement Addendum - Farm Products form for adding information to the initially filed Financing Statement covering farm products filed with the Colorado filing office.
Colorado UCC1 Effective Financing Statement Addendum - Farm Products
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FAQ
A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid.
A lapsed UCC filing opens the door for previously subordinate filers to secure a priority position. If your financing statement lapses in error, it is a good idea to run a lien search in the appropriate filing office to see if any parties filed claim subsequent to your original UCC1.
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
The financing statement describes the types of collateral or personal property that is pledged against the value of the loan, and it identifies the parties that have an interest or stake in the collateral if the debtor defaults.
Lapsed UCC filing: The filing has passed its effective period and no continuation has been filed. Purged UCC filing: The filing has been removed from the index and is no longer searchable in most state systems.