The District of Columbia UCC1AP Financing Statement Additional Party is a legal document that is used to record the details of additional parties who are involved in a financing transaction in the District of Columbia. The document includes the full name and address of the additional party, as well as the name and address of the secured party. It also records the date of filing and the filing number assigned by the District of Columbia UCC Office. The types of additional parties that can be included in the document are guarantors, surety, lien holders, and assignees.
District of Columbia UCC1AP Financing Statement Additional Party
State:
District of Columbia
Control #:
DC-SKU-0492
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PDF
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UCC1AP Financing Statement Additional Party
How to fill out District Of Columbia UCC1AP Financing Statement Additional Party?
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FAQ
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.
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.
A UCC 3 Subordination is a form used when more than one lender has an interest in the same collateral. In this situation, a subordination agreement should be signed in order to establish the order in which the lenders will be refunded the money.
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 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.
A secured party in UCC law is a person who has the favor of the security interest that is created or provided for under a security agreement, whether or not there is an obligation to be secured that is outstanding.
A secured party must be authorized to file a financing statement against the assets of the debtor. If the debtor is bound by a security agreement, authorization to file a financing statement is implied.
More info
If this Additional Party form adds additional Secured Parties, complete items 22 and 23 in accordance with Instruction 3 of Financing Statement (Form UCC1). Complete ITEM C of the filing form to include a valid email address.If this Amendment Additional Party adds additional Debtors, complete items 21, 22, and 23 in accordance with. Items 1 - 7 — Enter information for Secured Party or Total Assignee, determined and formatted per Instruction 1. To include further additional Secured. UCC1AP Financing Statement Additional Party (National) Form. This is a Official Federal Forms form and can be use in Uniform Commercial Code (UCC). If this Addendum adds an additional Secured Party, complete item 11 in accordance with Instruction 3 of Financing Statement (Form UCC1). UCC Financing Statement Additional Parties (UCC1AP), ucc1ap.pdf. UCC 1AP: National Financing Statement Additional Party and Instructions.