The Utah UCC 1 Financing Statement Addendum Additional Party Form is an addendum to the UCC 1 Financing Statement form and provides information about the additional parties involved in the transaction. This form is used to add names to a financing statement and is necessary to properly identify all parties involved in the transaction. There are two types of Utah UCC 1 Financing Statement Addendum Additional Party Forms: a single-party and a multiple-party form. Each form requires information about the debtor, secured party, and additional parties involved in the transaction, such as the debtor’s name, address, and Social Security Number. The form also requires information about the type of collateral involved in the transaction, such as the description of the collateral and the location of the collateral. Once completed, the form serves as an addendum to the UCC 1 Financing Statement form and provides necessary information about the additional parties involved in the transaction.
Utah UCC 1 Financing Statement Addendum Additional Party Form
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How to fill out Utah UCC 1 Financing Statement Addendum Additional Party Form?
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FAQ
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.
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.
The first UCC-1 filer holds a first-position lien, the second filer has a second-position lien and so forth. Usually, the first-position lien must be completely satisfied before the second-position lien holder can receive any remaining 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.)
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.
UCC - Frequently Asked Questions - UCC-1 and UCC-3. Most filings last for five (5) years from the date of filing. Filings for a debtor that is a transmitting utility have no expiration date. Manufactured Home filings last 30 years from the date of filing ? appropriate box must be marked.
A UCC filing won't impact your business credit scores directly because it doesn't indicate anything about your ability to repay your debts. However, it can affect your ability to get credit again in the future.
If the individual resides in a state other than where the business is registered, multiple filings may be required in order to perfect. For more information on UCC filings, visit the First Corporate Solutions reference library or register for one of our free webinar events!