The Kentucky UCC Financing Statement Addendum is an official document used in conjunction with a UCC Financing Statement to provide additional information about a transaction. It is required for the filing of a UCC-1 Financing Statement in the state of Kentucky. The Addendum is used to identify the debtor and secured party, provide the address and taxpayer identification number of the debtor, and list any collateral that is being used to secure the debt. There are two types of Kentucky UCC Financing Statement Addendum: the Standard Addendum and the Short Form Addendum. The Standard Addendum is used for more complex transactions and requires more detailed information. The Short Form Addendum is used for more straightforward transactions and does not require as much detail.
Kentucky UCC Financing Statement Addendum
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How to fill out Kentucky UCC Financing Statement Addendum?
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By Mail: send the completed form with the processing fee of $40 to the New York State Department of State, Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231.
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.
It provides a method of giving notice of a security interest in personal property to interested third parties.
How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.
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.
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.