UCC1 - Financing Statement Addendum - Arizona - For use after July 1, 2001This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement.
The Gilbert Arizona UCC1 Financing Statement Addendum is a legal document used to provide additional details and amendments to the original UCC1 financing statement in Gilbert, Arizona. UCC1 stands for Uniform Commercial Code, which governs commercial transactions and secured transactions involving personal property. This addendum is crucial when there is a need to disclose additional information or to correct any inaccuracies or omissions in the initial financing statement. It serves as a way to ensure accuracy and completeness, providing a clear record of the secured party's interest in collateral. Keywords: Gilbert Arizona, UCC1 Financing Statement Addendum, additional details, amendments, legal document, UCC1, commercial transactions, secured transactions, personal property. Types of Gilbert Arizona UCC1 Financing Statement Addendum: 1. Correction Addendum: This type of addendum is used to rectify any errors or mistakes found in the original UCC1 financing statement. It allows the secured party to provide accurate information about the collateral, debtor, or other important details. 2. Termination Addendum: A termination addendum is filed when the secured party no longer has an interest in the collateral or when the debt has been satisfied. It effectively removes the original financing statement's effectiveness and notifies other parties that the security interest has been terminated. 3. Amendment Addendum: An amendment addendum is used when there is a need to modify or update the information provided in the initial financing statement. This could include changes in collateral description, debtor information, or the addition/removal of secured parties. 4. Continuation Addendum: If the initial financing statement's effectiveness is about to expire (typically after five years), a continuation addendum must be filed. This extends the financing statement's validity and ensures that the secured party's interest remains protected. 5. Partial Release Addendum: In cases where only part of the collateral is being released, a partial release addendum is essential. It specifies the collateral being released and provides clarity regarding the remaining interest. 6. Assignment Addendum: When a secured party transfers their interest in the collateral to another party, an assignment addendum is used. This documents the details of the assignment and notifies other parties involved of the change in ownership. Remember, the Gilbert Arizona UCC1 Financing Statement Addendum is an important legal document that helps ensure accurate and up-to-date information regarding a secured party's interest in collateral.The Gilbert Arizona UCC1 Financing Statement Addendum is a legal document used to provide additional details and amendments to the original UCC1 financing statement in Gilbert, Arizona. UCC1 stands for Uniform Commercial Code, which governs commercial transactions and secured transactions involving personal property. This addendum is crucial when there is a need to disclose additional information or to correct any inaccuracies or omissions in the initial financing statement. It serves as a way to ensure accuracy and completeness, providing a clear record of the secured party's interest in collateral. Keywords: Gilbert Arizona, UCC1 Financing Statement Addendum, additional details, amendments, legal document, UCC1, commercial transactions, secured transactions, personal property. Types of Gilbert Arizona UCC1 Financing Statement Addendum: 1. Correction Addendum: This type of addendum is used to rectify any errors or mistakes found in the original UCC1 financing statement. It allows the secured party to provide accurate information about the collateral, debtor, or other important details. 2. Termination Addendum: A termination addendum is filed when the secured party no longer has an interest in the collateral or when the debt has been satisfied. It effectively removes the original financing statement's effectiveness and notifies other parties that the security interest has been terminated. 3. Amendment Addendum: An amendment addendum is used when there is a need to modify or update the information provided in the initial financing statement. This could include changes in collateral description, debtor information, or the addition/removal of secured parties. 4. Continuation Addendum: If the initial financing statement's effectiveness is about to expire (typically after five years), a continuation addendum must be filed. This extends the financing statement's validity and ensures that the secured party's interest remains protected. 5. Partial Release Addendum: In cases where only part of the collateral is being released, a partial release addendum is essential. It specifies the collateral being released and provides clarity regarding the remaining interest. 6. Assignment Addendum: When a secured party transfers their interest in the collateral to another party, an assignment addendum is used. This documents the details of the assignment and notifies other parties involved of the change in ownership. Remember, the Gilbert Arizona UCC1 Financing Statement Addendum is an important legal document that helps ensure accurate and up-to-date information regarding a secured party's interest in collateral.
