Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the Michigan filing office.
Michigan UCC1 Financing Statement Additional Party
State:
Michigan
Control #:
MI-UCC1-AP
Format:
PDF
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How to fill out Michigan UCC1 Financing Statement Additional Party?
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FAQ
Defined in the UCC as: A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding.
UCC-1 Financing Statements are commonly referred to as simply UCC-1 filings. UCC-1 filings are used by lenders to announce their rights to collateral or liens on secured loans and are usually filed by lenders with your state's secretary of state office when a loan is first originated.
A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed.
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
The borrower or buyer is known as the debtor, and the lender or seller is known as the creditor, and more specifically the secured party. Two simple examples of secured transactions are: (1) a bank loaning a business money so it can buy inventory; and (2) a company selling a business equipment on credit.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
An assignee of a secured party can either become the secured party of record or it can be an assignee whose interest is not of record. In either case, the assignee is a secured party that is perfected by filing but who has not filed a financing statement.
Fffd There is no provision in the Uniform Commercial Code to file a subordination agreement. Not filing a subordination agreement does not harm any other creditor.
Make your home refinance possible Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit.